According to a report on DAZN, WWE, the wrestling franchise synonymous with the sport has reportedly been sold to Saudi Arabia’s Public Investment Fund.
If reports are to be believed, this will mark the franchise going back to private ownership since October 1999, when the company became publicly traded.
The report emerged after the company’s veteran CEO Vince McMahon returned to the helm of the franchise after a hiatus as he was unanimously elected as the executive chairman of the board.
McMahon’s daughter, Stephanie, who was in charge of the world-renowned company during the absence of her father, stepped down to make way for McMahon.
Earlier, it was announced that the franchise was looking at strategic alternatives to maximize the value of all shareholders involved was initiated.
Financial services company JP Morgan were subsequently roped in on the prospective sale, with big names such as Amazon, Netflix and Disney tipped as potential buyers.
But, the latest reports indicate that Saudi Arabia’s Public Fund had swooped in to take over. However, WWE hasn’t released an official statement on the sale of the company to the Middle Eastern entity.
This move fits the bill of Saudi Arabian blueprint, who are trying to soften their conservative image across the world by investing in sporting entities to sports wash their hard image.
They pulled off a major coup as they managed to land one of the biggest sports personalities of the modern generation in Cristiano Ronaldo when Saudi Arabian club Al Nassr roped in the Portuguese superstar in a deal that reportedly pockets around 200 million Euros a year for the five-time Balon D’Or winner.
The swoop for Ronaldo wasn’t the first of its kinda as the Middle Eastern nation had already invested in the Premier League club Newcastle United, who have been making giant strides by punching above their weight in the world’s most tightly contested domestic league competition.
Saudi Arabia were also involved in the sport of golf as their breakaway LIV gold tour caused a stir among the sporting fraternity and the general populace as they lured top talent from the long-standing PGS tour roster.
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