2022 was a tumultuous year in the world of wrestling. However, nothing was more stunning and impactful than the resignation of WWE CEO Vince McMahon. It came following revelations in a Wall Street Journal article about hush-money payments made by McMahon to female former employees. Yet the story didn’t end there. Vince’s daughter Stephanie McMahon, Nick Khan, and son-in-law Paul “Triple H” Levesque took over the company. That was until Vince forced his way back into power this past week. And now new reports indicate WWE has been sold to Saudi Arabia.
Before we examine at the latest reports, it’s important to understand the context surrounding McMahon’s return. And how WWE being sold to Saudi Arabia might impact the wrestling industry as a whole.
Vince McMahon’s Return To WWE
The Wall Street Journal article detailed alleged hush-money payments that McMahon had made in response to affairs with employees.
The article was catastrophic for McMahon’s already fragile reputation. It alleged payments into the tens of millions of dollars had been made by the billionaire to numerous women.
At first, Vince tried to weather the storm and stay on as CEO and Head of Creative in WWE. However, his position soon became untenable and, in July, he announced his retirement from WWE after decades at its helm.
Following McMahon’s retirement, Paul Levesque took over as Head of Creative. Excitement for a changing of the guard spearheaded renewed fan interest and a boost in TV ratings. The departure of McMahon, someone whose creative decisions had long been questionable, proved to be a positive for the WWE product.
In December, The Wall Street Journal revealed that McMahon was planning his comeback to the company after prematurely retiring due to “bad advice”.
This first attempt at a return ended with WWE’s Board of Directors voting against McMahon staging a comeback. However, in January, he used his majority voting power to appoint himself Executive Chairman of WWE. He also elected former co-presidents George Barrios and Michelle Wilson to the board.
As explained in The Wall Street Journal article, McMahon was “pursuing a possible sale of the business.”
Since his return, six members of WWE’s Board of Directors – including daughter and co-CEO Stephanie McMahon – have resigned.
A sale to Saudi Arabia would make sense as a way for McMahon to cement his role in the company, mitigate the scrutiny that comes with being a public company, and to generate a huge chunk of cash for shareholders.
What Does A WWE Sale Mean For AEW?
After Vince’s retirement, WWE’s success only aggravated what was turning out to be a painful year for their top competitor, All Elite Wrestling (AEW).
AEW had a seriously dark cloud hanging over it in 2022. This was in part due to EVP and wrestler Cody Rhodes’ departure from the promotion for WWE, an injury-laden summer, and the “Brawl Out” incident between CM Punk and The Elite.
TV ratings were down and the company had clearly lost their previously blazing momentum.
Luckily for AEW, with Vince McMahon back in the picture and WWE potentially sold to Saudi Arabia, many of the E’s positive creative changes could soon be undone.
This can only be a good thing for AEW. They are now entering a phase of rebuilding after a pretty disastrous 2022 – so the timing works out well.
Many wrestling fans have expressed online that they will stop watching WWE if Vince McMahon returns as Head of Creative. What’s more, many say the same if the company is sold to Saudi Arabia.
For fans looking for an alternative, AEW is the only American wrestling company that comes close to WWE’s talent roster and production.
Has WWE Sold To Saudi Arabia?
Rumours of a potential WWE sale have been floating around for years. In fact, many industry insiders speculated that an upcoming sale was the reason behind the talent cuts in 2020 and 2021.
On 10 January, co-CEO Stephanie McMahon resigned from her role and the company. This spurred rumours that WWE had, in fact, been sold.
Has WWE sold to Saudi Arabia? WWE has not been officially sold to Saudi Arabia despite reports suggesting it has.
These reports – such as a now deleted tweet from DAZN’s Steven Muehlhausen – indicated that Vince McMahon had agreed a deal with the Saudi Arabia Public Investment Fund to purchase WWE. But this has not been confirmed or announced to shareholders.
WWE is a publicly traded company listed on the New York Stock Exchange. This means shareholders would need to be notified of any sale that would make the company private.
Until that has happened and an official announcement has been made, talk of WWE being sold to Saudi Arabia is just rumours.
Still, there is no smoke without fire. And the Saudia Arabia PIF purchasing WWE has been rumoured and discussed for weeks.
Not only that, but Saudi Arabia already has an existing interest in the company. This is due to the ten-year partnership between their General Sports Authority and WWE that began with 2018’s Greatest Royal Rumble event.
In summary, while a sale is yet to take place, it is entirely possible that WWE will be sold to the Saudi Arabia Public Investment Fund.
Do you think WWE will be sold to Saudi Arabia? How do you feel about the sales talks? Let us know in the comment section below and don’t forget to check out our other Film & TV articles…
