American professional wrestling promotion WWE is now being sold to Saudi Arabia’s Public Investment Fund, reports claim. The reports emerged hours after Stephanie McMahon announced her resignation from the company. Her father Vince McMahon returned as the Chairman of the Board.
DAZN pro wrestling reporter Steven Muehlhausen reported to Vince. He is also a controlling shareholder of WWE. He made the business to get the company off the public stock market and once again being a private business.
Who Owns WWE?
At the time of writing, Vince McMahon is still the owner of WWE. The business professional is currently the majority stake owner, with 42% of the shares. Also the executive chairman of the promotion. He has held the company’s leadership for forty years and built it into the huge empire it is today.
On February 17, 2023, reports surfaced that McMahon was actively looking for buyers to sell off the world’s largest professional wrestling promotion. At the time, the company had a value of a whopping $9 billion.
Names of some potential buyers are also doing the rounds. That includes Endeavor Group Holdings, the owners of the UFC, and some Middle Eastern investors. It will now be interesting to see who and when someone bags the deal and becomes the new owner of WWE.
WWE was Previously Rumoured to be Sold to Saudi Arabia’s Public Investment Fund
In January, multiple reports suggested that WWE had been sold to Saudi Arabia’s Public Investment Fund. DAZN pro wrestling reporter Steven Muehlhausen was the first one to report on the matter with a tweet. However, he deleted the post later.
However, later, the reports turned out to be rumours, and they confirmed that the promotion was still in public in a trading company and they had not sold to the Saudi Arabian PIF.
Now that WWE is still available for sale let’s see who ends up becoming the new owner of the promotion after Vince McMahon.
WWE confirms former chief Vince McMahon’s return to the board
Jan 6 (Reuters) – Vince McMahon, the former chief of World Wrestling Entertainment (WWE.N). He is returning to the board of the company that he transformed from a regional player in a highly fragmented industry of the 1980s to a global giant, WWE said on Friday.
Shares of the entertainment firm rose about 16%. WWE also said that it would explore strategic alternatives confirming an earlier statement by McMahon.
McMahon, 77, said on Thursday that he expects to assume the role of executive chairman at WWE. He involved himself in the company’s media rights negotiation process.
Also, McMahon ran the company for four decades. He said that the only way for WWE to fully capitalise on the growing demand for content and live entertainment was for him to return as executive chairman.
McMahon retired in July last year as the company’s CEO and chairman. Following an investigation into his alleged misconduct. Later, WWE said that it found some unrecorded expenses tied to McMahon.
Also read: Chelsea Green Bio, Family, Wrestling, Husband and Net Worth
