In a big development, reports on Wednesday morning stated that the American professional wrestling promotion ‘WWE’ is being sold to Saudi Arabia’s Public Investment Fund.
The reports emerged hours after Stephanie McMahon announced her resignation from the company and her father Vince McMahon returned as the Chairman of the Board.
Earlier this morning, Stephanie McMahon stepped down from her position as co-CEO of WWE. She was also the chairwoman of the company until her father returned last Friday. Stephanie shared co-CEO duties with Nick Khan, who at the moment is the sole CEO of WWE.
It may be recalled that McMahon resigned as WWE chairman and CEO in 2022 amid sexual assault allegations. But, it was later confirmed by McMahon that he will return to the board of directors to help in the sale of WWE.
According to DAZN reports, Saudi Arabia’s Public Investment Fund has bought the WWE. It is expected that WWE would now go back to being private and McMahon would serve as head of creative.
Meanwhile, WWE is the biggest professional wrestling company with broadcasting deals all over the world. As per a CNN report, the company went public on August 3, 1999. It was previously owned by the McMahon family.
However, there has been no official confirmation of the same.