*** UPDATE – The latest update suggests the deal is “agreed in principle” but “isn’t completely finalized” yet – read more at this link ***
Steven Muehlhausen of DAZN tweeted:
Sources: #WWE has been sold to Saudi Arabia’s Public Investment Fund.
The company will go back to being private.
Unknown if Vince McMahon will return to head of creative but it is expected by some people.
On January 6, using his power as majority owner, Vince McMahon put himself and former WWE presidents George Barrios and Michelle Wilson back on the company’s Board of Directors, disposing of JoEllen Lyons Dillon, Jeffrey R Speed, and Alan M Wexler in the process.
McMahon had stated that his intention was to facilitate a sale of the company.
He changed bylaws to ensure that no sale or media rights deal could be completed without his approval.
Upon McMahon’s return, two further Board members resigned of their own volition, those being Man Jit Singh – who was the one heading up the Board’s investigation into McMahon – and Ignace Lahoud.
Stephanie McMahon then resigned from her role as co-CEO and Chairwoman and her position on the Board earlier today (January 10), as Vince McMahon was elected Executive Chairman.
There has been much speculation that Vince McMahon was looking to sell to a party that would commit to keeping him in charge of the company despite the multiple sexual assault allegations that have surfaced in the past year that led to his initial ‘retirement’ in July.
It’s important to make clear that there has not been an official announcement regarding a sale to Saudi Arabia yet, so we’ll obviously keep you updated so keep an eye on the homepage and Twitter for anything else that breaks.
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