People are waiting for WWE to deny selling it to Saudi Arabia
A Tuesday night Twitter storm gave way to endless speculation that WWE will be on sale for the Public Investment Fund of Saudi Arabia. it whipped pro wrestling fans in a frenzy, almost blinding them that denial a sale has been made finish by several prominent figures in the wrestling media. The weirdest part of the challenge was that WWE didn’t deny it, even though the company was well aware of the rumors that followed. Vince McMahon is back to the company six months after he resigned.
DAZN’s Steven Muehlhausen first reported the news of the “sale” but deleted the tweet that “broken” the news — less than 24 hours after posting.
The initial tweet was echoed by a large amount of wrestling media, who said they would check with the sources to see if the smoke led to hell. Currently, it seems that this smoke has almost no embers. Like as toxic as those smoldering sticks, missing an official WWE comment not completely removed the possibility of the world’s largest professional wrestling company falling into the hands of the Kingdom of Saudi Arabia.
WWE spokesperson did not return Deadspin’s comment is required.
WWE’s semi-official timing is in doubt, with McMahon officially returning to the company as executive chairman this week. Shortly before Muehlhausen’s initial tweet, Stephanie McMahon, Vince’s daughter, stepped down as co-CEO of the company, a role she initially assumed. after her father resigned. WWE also announced less than a week ago that it has partnered with JP Morgan Chase & Co. to support a potential sale. Unless the Saudi writes a blank check to the elderly McMahon to cash out when he wants, which is not impossible but highly unlikely, any purchase or sale will need to be careful assessment. And less than a week to do so is unlikely because the company’s shareholders would need to approve such a move.
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Speaking of WWE’s shareholders, a class-action lawsuit was filed against Vince McMahon in Delaware this week. Scott Fellows accused him of flaunting more than 80 percent of himself the company’s voting control to illegally impose his will on WWE, according to Bloomberg News. The lawsuit also mentions changes to the company’s Board of Directors and interference in media rights agreements.
Although the sale of WWE to Saudi Arabia is not in any way confirmed now it’s easy to connect spots with the company that is running some premium live events from the Kingdom in the past few years. It is also possible that this sale will eventually happen, due to the huge amount of public investment funds, as evidenced by The birth of LIV Golf and how the new golf promotion has attracted many of the PGA’s top stars in lucrative contracts. It was clear that Muehlhausen had jumped into a hot news story.