More news continues to emerge regarding reports that WWE has been bought by the Saudi Arabian Public Investment Fund.
The news was reported by multiple outlets, notably Cassidy Haynes of Bodyslam and Steven Muehlhausen of DAZN, but has yet to be officially
The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties.
There are legalities to go through, as the company
But, again, I’m told a deal has been agreed to in principle.
Muehlhausen’s initial tweet was as follows:
Sources: #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.
We’ll continue to keep you posted as updates emerge.
On January 6, using his power as majority owner, Vince McMahon put himself and former WWE presidents George Barrios and Michelle Wilson back on the company’s Board of Directors, disposing of JoEllen Lyons Dillon, Jeffrey R Speed, and Alan M Wexler in the process.
McMahon had stated that his intention was to facilitate a sale of the company.
He changed bylaws to ensure that no sale or media rights deal could be completed without his approval.
Upon McMahon’s return, two further Board members resigned of their own volition, those being Man Jit Singh – who was the one heading up the Board’s investigation into McMahon – and Ignace Lahoud.
Stephanie McMahon then resigned from her role as co-CEO and Chairwoman and her position on the Board earlier today (January 10), as Vince McMahon was elected Executive Chairman.
There has been much speculation that Vince McMahon was looking to sell to a party that would commit to keeping him in charge of the company despite the multiple sexual assault allegations that have surfaced in the past year that led to his initial ‘retirement’ in July.
It’s important to make clear that there has not been an official announcement regarding a sale to Saudi Arabia yet, stay tuned for an update.
Liam Winnard:
Follow
