WWE Reportedly Sold To Newcastle’s Saudi Arabian Owners: With the return of Vince McMahon, WWE is reported to be sold to Saudi Arabia’s Public Investment Fund.
The largest wrestling promotion in the world, WWE, in a shocking news has been reported to be sold to Newcastle’s Saudi owners.
Who Are The New Owners Of WWE?
The public Investment Fund of Saudi Arabia, the owner of 80 per cent of Newcastle United, looks ready for the new addition to their investment portfolio as reports suggest, the founder of WWE, Vince McMahon has sold the company to them.
The brand value of WWE is around $6.3 billion and share a rich history with Saudi Arabia after holding events such as Entertainment Live, Crown Jewel and several Greatest Royal Rumble events in the kingdom of Saudi Arabia for past few years.
The Public investment fund of Saudi Arabia already owns prominent stakes of Western companies like Disney, Boeing, Facebook and Uber, which totals to $608bn.
Public Investment Fund chief and Newcastle Chairman Yasir bin Othman Al-Rumayyan, admitted in a conference last year that PIF was interested in expanding their options as they joined forces with Mehrdad Ghodoussi, Amanda Staveley and Jamie Reuben.
However, the news of WWE being sold to Newcastle’s Saudi owners has spread shockwaves throughout the globe.
Vince McMahon’s Sensational Return In WWE
Vince McMahon walked out of WWE in July following allegations of sexual misconduct, his daughter, Stephanie McMahon then took over as the Co-CEO and chairwoman of WWE, but she resigned quickly as her father returned back to take the role of executive chairman and was trying to sell the company to some of the largest investors. However, as of now reports suggest that WWE has been sold to Saudi Arabia’s PIF and Vince McMahon is expected to take on the role of ‘Head of creative’ soon.
There are speculations that Triple H will continue his role as Chief Content Officer and Nick Khan will take on the role of new CEO of the company.
Also Read: WWE sold: Who is Nick Khan the new WWE CEO? as Stephanie McMahon resigns
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