Are the WWE sale rumors upon Vince McMahon's return true?
Since Vince McMahon’s return, the wrestling world has been haunted by reports of a potential WWE sale. Fans initially disregarded the rumors but matters have turned serious since the recent turn of events.
A series of shocking incidents unfolded on Tuesday. Co-CEO and Chairwoman of WWE Stephanie McMahon announced her resignation while Vince McMahon became Executive Chairman via a unanimous decision despite his legal battles.
Are the WWE sale rumors true? Turns out, it has substance to it. The Wall Street Journal broke the news of Vince McMahon aiming for a return to the Board of Directors and wants to proceed with the sale of the company in December. Due to his shareholding/voting power, it turned out to be a cakewalk.
The former CEO is now alleged to have hired JP Morgan to advise on a WWE sale. The initiation of his plans is believed to be in the next three to six months, according to multiple sources, during the media rights deal led by him.
Vince McMahon definitely plans to hold a WWE sale. According to the 77-year-old, it would be for the benefit of the stockholders, but Dave Meltzer of WON believes McMahon wants to become the Head of Creative again but without any negative repercussions.
"My gut is that once that sale is done, he probably will try to take over and get the Creative back... I don’t expect those moves to be made right away, but of course Vince wants to be Head of Creative. And Vince does have power, as far as to facilitate it, he probably at some point this year will have the ability to do it without it having negative repercussions.” (H/T WWF Old School)
Presently, the WWE Universe is curious as to whether the promotion has been sold to Saudi Arabia’s Public Investment Fund. Continue reading to find out if those rumors hold value.
Has Vince McMahon sold WWE to Saudi Arabia?
Conflicting reports have emerged on Saudi Arabia’s rumored takeover of WWE. Steven Muellhausen of DAZN Wrestling dropped the bombshell on Saudi Arabia’s PIF being the new owner of the world’s largest wrestling promotion. His report wasn’t confirmed.
Sean Ross Sapp of Fightful noted that the rumors of a sale were circulating, but he wasn’t able to confirm the news. Cassidy Haynes of Bodyslam was direct in his words and reported that the WWE sale is done. He later clarified his tweet.
Update, here is what I’ve put together so far:
The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties. There are legalities to go through, as the company is publicly traded. But, again, I’m told a deal has been agreed to in principle.
Although the deal hasn’t been finalized, Saudi Arabia is first in line to capture the Sports Entertainment giant. Speculations of a potential WWE sale impacted the share price significantly, and it currently stands at $90.24 USD. Vince McMahon might be aiming for the century mark before negotiating with the shareholders.