The sale of World Wrestling Entertainment (WWE) has grabbed the headlines in recent weeks. Reports suggest that Vince McMahon is hoping to get around $9 billion from the sale of his beloved company. There are quite a few potential purchasers of WWE. According to a Marca report, Saudi Arabia’s Public Investment Fund is in the race to acquire the iconic wrestling promotion.
The Saudi-backed investment company currently owns Premier League side Newcastle United and LIV Golf. So reports of the Public Investment Fund joining the bidding war for WWE isn’t really surprising. Fox, Disney, Comcast, Warner Bros, Netflix, Discovery, Amazon, UFC owner Endeavor Group Holdings and Formula 1 owner Liberty Media are also believed to be in the race.
All of these major companies have deep pockets. Therefore, a bidding war is on the cards. The sales process is shaping up nicely despite lingering doubts over whether Vince McMahon is actually willing to sell.
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“Lot of people had doubts about it for any number of reasons, including of course whether or not Vince McMahon, who still owns 37 percent of the company and in many ways controls it, would ever really sell. From what I’m hearing from people familiar with the situation, it’s shaping up to be a pretty good sales process,” journalist David Faber was quoted as saying by The Sun.
Vince McMahon, the face of WWE for many years, stepped down from his role as the Chairman, CEO and Head of Creative at the WWE in July 2022 after claims of sexual assault surfaced against him.
The 77-year-old allegedly settled sexual misconduct claims by paying millions of dollars to several women between 2006 and 2022.
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After being unanimously voted back in by the board of directors in January, Vince McMahon returned as executive chairman and is now overseeing a strategic review of the company. McMahon still owns nearly 40% of WWE and effectively has 80% of the voting power.
But it now seems that McMahon wants to sell the company after a very difficult few months at the helm.
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