According to reports, the Public Investment Fund of Saudi Arabia has purchased World Wrestling Entertainment.
According to DAZN writer Steven Muehlhausen, the corporation will become private; however, it is unclear if founder and former CEO Vince McMahon, who recently returned to the organisation as executive chairman, will also serve as the head of creative.
Only a few hours have passed since Vince McMahon’s daughter Stephanie McMahon announced her resignation as CEO of the business. Following her father’s resignation as CEO earlier this year due to a sexual misconduct inquiry, she filled in. With Stephanie McMahon gone, Nick Khan is now the only CEO. Paul “Triple H” Levesque, her spouse, serves as the company’s chief content officer.
According to a different story, the agreement has been reached in principle, but since WWE is a publicly listed corporation, it won’t become official until it informs shareholders and other stakeholders.
On Twitter, critics of the alleged transaction pointed out that Saudi Arabia, where many WWE performers identify, has harsh penalties for belonging to the LGBT community. Others are as concerned about the effects the revisions will have on the final product.
WWE has held its Crown Jewel, WWE Live, and Greatest Royal Rumble events in Saudi Arabia in the recent years. WWE has a 10-year contract with the monarchy to host two live events each year, according to Front Office Sports.
Approximately $620 billion in assets are purportedly under the authority of Saudi Arabia’s Public Investment Fund, and the country has recently expanded its influence in the sports industry. The PIF acquired a controlling stake in Newcastle United, an English soccer team, in 2021. It spent at least $2 billion last year to support LIV Golf’s international challenge against the PGA Tour.
More in Entertainment: https://buzzing.today/entertainment/
Photo Credits: https://commons.wikimedia.org/