WWE sold: Did Saudi Arabian owners really buy WWE ?There has been no official confirmation on whether or not McMahon has sold his empire. The company is still listed on the New York Stock Exchange, having opened trading at $87 and closed at $90.24. At this point in time, all we have are reports of the sale. Earlier this week, it was announced that former CEO Vince McMahon would be making a comeback to rejoin the WWE board alongside former co-presidents and directors Michelle Wilson and George Barrios, meaning that two people currently on the board would have to exit in order for this to happen.Follow WWE News and Updates with InsideSport.IN
McMahon had indicated in a statement to ESPN that he is eyeing a sale of the company, as he is the majority shareholder.
The first domino to fall? His own daughter, Stephanie McMahon, who had been serving as co-CEO alongside Kick Kahn since her father’s July 2022 retirement.
McMahon wrote on social media that she would be leaving her role as chairwoman and co-CEO on Tuesday, noting that upon her departure she is “confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders.”Rumors of an imminent WWE sale kicked into overdrive last week when Vince McMahon returned to the company as part of the board of directors.
WWE first entered into a business arrangement with Saudi Arabia in 2018
The agreement has been a lucrative one for WWE, as each Saudi Arabia event nets WWE between $50 million and $55 million, per Thurston.
Saudi Arabia has invested heavily in sports teams and leagues in recent years, leading to accusations of “sportswashing,” which is the act of using sports to distract from bigger issues, such as Saudi Arabia’s history of human rights violations.
In addition to owning PGA Tour competitor LIV Golf, the Saudi Public Investment Fund owns 80 percent of English Premier League soccer club Newcastle United, and the country of Saudi Arabia has hosted several significant sporting events.
WWE sold: Did Saudi Arabian owners really buy WWE ?
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