Was WWE sold to Saudi Arabian Investment fund? What does this mean for future of wrestling firm?

World Wrestling Entertainment, better known to many as WWE, has reportedly been sold to a Saudi Arabian investment fund, bringing the gigantic company back into private ownership.

A Saudi Arabian fund has bought WWE.

In an industry powered by astonishing plot twists and high drama, no one saw this coming. According to Cassidy Haynes of Bodyslam.net, a deal has been struck with the Saudis to buy the WWE. A similar claim made by Steve Muehlhausen of wrestling site DAZN was also made but appears to have been deleted. The WWE has remained tight-lipped.

So what next for the company that brought us such household names as Hulk Hogan, Andre the Giant, Stone Cold Steve Austin, Dwayne 'The Rock’ Johnson, The Undertaker, Kane, and John Cena?

Who has bought WWE?

The WWE has reportedly been bought by the Public Investment Fund, which is the sovereign wealth fund for Saudi Arabia. It is one of the largest of its kind in the world, with total estimated assets of £514 billion ($620 billion).

They currently own Newcastle United and LIV Golf.

Who owned WWE before?

Vincent J McMahon founded the company originally, when it became known as the World Wrestling Federation (WWF), but he later sold to his son Vince McMahon during the 1980s. It later became WWE, a publicly traded company, trading on the New York Stock Exchange, though Vince remained the majority shareholder. He stayed at the helm until 2022, when he retired as WWE’s chairman and CEO in July. However, Vince stepped out of the shadows in early January 2023 to return to the board as executive chairman, and signalled an intention to sell the company.

What are the allegations against Vince McMahon?

Vince McMahon retired as WWE’s chairman and CEO in July. He had stepped down temporarily from the posts a month earlier. The Wall Street Journal reported over the summer that McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.

Will Vince McMahon still be involved in WWE?

Throughout his career, Vince McMahon has also been the public’s favourite ‘heel’ or wrestling baddie, often taking to the ring himself under the persona of the evil boss – the face of corporate greed and corruption.

If the stories about the takeover are true, then it putsd a lot up in the air. Whether he will remain involved with the company, either behind the ring or in it, remains to be seen.

Why did Stephanie McMahon resign?

Vince’s daughter Stephanie had been co-CEO and chairwoman of WWE in the absence of her father.

On January 10, she issued a statement via social media announcing her resignation.

She said: “About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime. I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE. I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team and one of the strongest executives I have known in my Co-CEO, Nick Khan.

“Our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick’s leadership and Paul “Triple H” Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders.

“WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation. I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan. I will always remain dedicated to WWE. I truly love our company, our employees, our Superstars, and our fans. And I am grateful to all of our partners. Thank you for everything.

“Then. Now. Forever. Together. – Steph”.

What does this mean for the future of the WWE?

Information on the investment fund’s plans has yet to be made public, and there has been no statement from the WWE at this time, so it’s difficult to say just what changes we could see to the company at this early stage.