The sports world is wrestling with rumors that Vince McMahon is selling WWE to Saudi Arabian investors—but it’s unclear exactly what’s happening in the ring.
News about the reputed sale were first circulated by Cassidy Haynes of Bodyslam.net and Steve Muelhausen of DAZN, but the original tweet by Muehlhausen has since been deleted. That tweet read: “WWE has been sold to Saudi Arabia’s Public Investment Fund. The company will go back to being private. Unknown if Vince McMahon will return to head of creative but it is expected by some people.
”
The sources of the reported sale have not been publicly identified, says Tyler Treese, who posted a comprehensive review of the situation on Yahoo! Entertainment last night. Likewise, TMZ Sports reported this morning that “a deal has not been made between the two sides, despite widespread rumors saying otherwise.”
The rumors are fueling protests by some observers who fault Saudi Arabia for its human-rights violations and its attitude toward women. It’s been reported that the alleged sale would be made to the country’s Public Investment Fund, the group that helped fund the takeover of Newcastle United Football Club in England as well as forming the controversial LIV Golf group.
Whatever the facts are, it’s clear that something major is happening in WWE-land. Just hours before the reports of a sale surfaced, Vince McMahon’s daughter Stephanie resigned from the company when her father returned as board chair. Last week, Vince justified his move by saying: “WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms.”
“The only way for WWE to fully capitalize on this opportunity,” he added, “is for me to return as executive chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
WWE, which has long dominated the wrestling industry, has broadcasting deals with USA Network, Peacock, and Fox. Originally owned by the McMahon family, it went public on August 3, 1999. Vince McMahon himself has been embroiled in controversy in recent months, being the subject of allegations that he’d paid millions in hush money to several women to conceal their claims of sexual misconduct. In the wake of these allegations, McMahon took a break from his role as chief executive officer of WWE while the investigation was underway.
Check out more of Edward’s articles.