Reports: WWE has not been sold to Saudi Arabia’s Public Investment Fund
After a feverish level of speculation Tuesday night on social media that included some reports that a sale was a done deal, it was reported by multiple outlets and media members Wednesday that as of now, WWE has not been sold to Saudi Arabia’s Public Investment Fund.
As of the start of the morning stock exchange, WWE had not made any formal announcement or recognition of the rumors. Their stock hit as high as $92.50 in pre-open trading but had dipped under $90 as of this writing. The last week alone has seen the stock increase more than 27% following Vince McMahon’s return to the company and anticipation of a sale.
MMA reporter Ariel Helwani, a former client of WWE CEO Nick Khan, tweeted that according to his sources, while WWE is exploring all options, “Contrary to reports stating otherwise last night, there is no deal in place at this precise moment for WWE to be sold to Saudi Arabia’s Public Investment Fund or any entity.”
Contrary to reports stating otherwise last night, there is no deal in place at this precise moment for WWE to be sold to Saudi Arabia’s Public Investment Fund or any entity, sources say.
The organization is still exploring all options, I’m told. Developing.
— Ariel Helwani (@arielhelwani) January 11, 2023
TMZ also reported Wednesday that no deal has been done and Wrestlenomics’ Brandon Thurston also tweeted that the sale rumor was untrue.
I concur with @RichLightShed. I asked someone at WWE, who would know, who said the story that took hold of Twitter last night, about WWE and Saudi Arabia being near a deal to take the company private, is untrue.
— Brandon Thurston (@BrandonThurston) January 11, 2023
The rumors of WWE being sold and then going private emerged hours after Stephanie McMahon announced she was resigning as WWE co-CEO, and that the Board had unanimously approved Vince McMahon to return as Executive Chairman.
After resigning as CEO and Executive Chairman last July in the midst of a scandal caused by nearly $20 million in unreported expenses tied into allegations of sexual misconduct, Vince McMahon officially made his way back to the company’s Board last Friday along with two former WWE executives. Three Board members were dismissed to make room while two others resigned that day.
In SEC filings about his return, McMahon included his previous communication to the Board and press release where it stated that as the company’s primary shareholder, he would not approve any new media rights deal or sale unless he was reinstated as Executive Chairman — the impetus for his desire to return.