Vince McMahon reportedly sells WWE to Saudi Arabia, Stephanie McMahon resigns
New York: American professional wrestling promotion WWE is being sold to Saudi Arabia’s Public Investment Fund. The reports emerged hours after Stephanie McMahon announced her resignation from the company and her father Vince McMahon returning as the Chairman of the Board.
As reported by DAZN pro wrestling reporter Steven Muehlhausen, Vince, who is also the controlling shareholder of WWE, made the business to get the company off the public stock market and once again being a private business.
Ms McMahon posted her resignation letter on Twitter in which she said, “About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime. I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE.”
She added: “I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team, and one of the strongest executives I have known in my Co-CEO, Nick Khan.”
Since the news of Mr McMahon’s return, WWE’s stock is up about 25 per cent – from $72 to $90. The total value of the company is at $6.7 billion, according to the Post report.
WWE is the biggest professional wrestling company with broadcasting deals all over the world. As per a CNN report, the company went public in August 3, 1999. It was previously owned by the McMahon family.