A WWE insider has confirmed that reports of the professional wrestling organization being bought by Saudi Arabia’s Public Investment Fund are "legit."
The insider said in communications obtained by The Post Millennial that HRH Prince Mohammad bin Salman bin Abdulaziz Al Saud, who chairs the fund, is "a big fan" of the WWE.
As part of the deal, the insider revealed that the WWE’s headquarters would remain at its current location in Stamford, Connecticut "for now," but added that "new buildings would be bought," and that the number of shows held in Saudi Arabia would be doubled.
The details come as Stephanie McMahon resigned as co-CEO of WWE on Tuesday evening, leaving Nick Khan as sole CEO and McMahon’s husband, Paul "Triple H" Levesque, as chief content officer, according to ESPN.
In a statement released to Twitter, McMahon wrote, "our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick’s leadership and Paul 'Triple H' Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders."
"WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation," the statement added.
McMahon’s father, Vince McMahon, rejoined the company’s board of directors last week. Vince McMahon retired in July following allegations of sexual misconduct, according to ESPN.
In a Thursday statement announcing his return, Vince McMahon, who is the controlling shareholder of the company, said, "I'd like to express my full support for Stephanie's personal decision. I'll forever be grateful that she offered to step in during my absence and I'm truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand."
"Nick's business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders," the statement added.
According to ESPN, WWE’s rights deals with both Fox and USA expire in 2024, with negotiations being expected in 2023. The company posted its first billion-dollar revenue year in 2022.
In 2018, the WWE hosted its first event in Saudi Arabia, the "Greatest Royal Rumble," hosted at King Abdullah International Stadium in Jeddah, according to the Daily Mail.
Since then, the WWE has committed to putting on a series of events called the "WWE Crown Jewel," which will take place as part of a 10-year deal touted as part of "Saudi Vision 2030."
In 2021, the Public Investment Fund purchased 80 percent of the Premier League club Newcastle, according to the Associated Press. The Daily Mail reports that "In 2022, they bankrolled LIV Golf's attempt to dethrone the PGA Tour as the premier golf competition in the world."
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