WWE is on the verge of being sold, triggering the return of Vince McMahon as the executive chairman to facilitate the same. Meanwhile, reports suggest that the company has already been sold to Saudi Arabia, with social media going mad.
The World Wrestling Entertainment (WWE) has been making headlines of late, especially since last Thursday when Vince McMahon returned to the board as the executive chairman, having retired from the promotion just a few months back. While Triple H took control as the Creative Head after his departure, reports have stated that McMahon's return is based on a corporate role, which would be to negotiate the media rights and facilitate the sale of the company. While McMahon had long considered a sale of the promotion, it has finally been done, with reports stating that the Public Investment Fund of Saudi Arabia has struck a deal with WWE to own the company.
“WWE sold to Saudi Arabia”
Every WWE Fan: pic.twitter.com/l3pDzVR1oE
As per DAZN's Steven Muehlhausen, WWE will return to being a private firm, while it has been a public company since October 1999. He added that while it remains unclear if McMahon would be back as the Creative Head of the promotion, many inside the firm believe it is likely to happen.
My mind is SPINNING. In WWE really got sold to Saudi Arabia… pic.twitter.com/mEsPVkpy95
— THE™ Jessi Davin (@jessithebuckeye)ALSO READ: WWE - Supporters in split as Stephanie McMahon steps down as CEO post Vince's return
Let me say, considering all the rumors surrounding Saudi Arabia buying WWE, the people I worry about the most are the wrestlers.
They didn't ask for this. They weren't asked to be pawns in a billionaire's ego trip. They just want to entertain us.
I pray for them tonight. pic.twitter.com/mkLv0fSlPe
The report arrives hours after McMahon's daughter Stephanie stepped down from her role as the WWE Chairwoman and CEO, leaving Nick Khan as the sole-serving CEO of the company. Also, following McMahon's return, JP Morgan was hired as an advisor to facilitate the promotion's sale. At the same time, business giants like Comcast, Disney, Endeavor Group Holdings, Amazon and Netflix were touted as potential suitors.
Saudi Arabia’s purchase of (still unconfirmed) raises many burning questions:
1) How many employees and talents will flee the company?
2) How will women and LGBTQ persons that stay be treated?
3) What does this mean for media partners?
Just *some* of the big ones.
However, despite reports saying Saudi's PIF has owned the firm, contemporary betting odds tipped Comcast as the solid favourite for purchasing the company. In the meantime, it remains to be seen if there is any truth to the Saudi PIF news, as WWE is yet to confirm any development regarding the same.
Vince is just gross. It’s such an awful look. Everything about this is sleazy and seedy and lowbrow and greedy and soulless and disgusting. I’m disappointed, both in how this went down and in myself for expecting better.
— Nick Kostos (@TheKostos)