Did Vince McMahon Sell WWE?

According to reports, World Wrestling Entertainment is being sold to Saudi Arabia’s Public Investment Fund.

The announcement comes just hours after Stephanie McMahon resigned from the company on Tuesday, January 2023, after her father, Vince McMahon, was reinstated as Chairman of the Board.

According to DAZN pro wrestling reporter Steven Muehlhausen, McMahon, who owns controlling shares in the company, has sold the company to Saudi Arabia in a move that will take the company off the public stock market and back to being a private business.

News of a sale isn’t completely shocking as McMahon made it clear that he intended to return in order to sell the company.

“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” said McMahon.

“The only way for WWE to fully capitalize on this opportunity is for me to return as executive chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives.”

“My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”