WWE-Saudi Arabia public investment fund sale rumours are “completely false”

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Bengaluru, January 11: The professional wrestling fraternity is buzzing about WWE, the sports & entertainment giant potentially being sold in the wake of its former boss Vince McMahon's return to the Board of Directors, a couple of days ago.

Rumours were fueled up about the sale after Stephanie McMahon resigned as the Chairwoman & co-CEO of WWE, on Wednesday (January 11). Vince McMahon was elected as The Chairman by the Board while Nick Khan retained his CEO position.

Sooner, reports were out that WWE has been sold to the Saudi Arabia Public Investment Fund. Cassidy Haynes of Bodyslam had the following to offer in this regard.

"For what it's worth, I'm told the Saudi deal is done and they're taking the company private."

Cassidy even provided a follow-up stating that the deal was finalized and that a notice to shareholders and other parties is to be sent since the company trades in public. However, there's absolutely no truth to the story.

Veteran journalist Jon Alba updated on Twitter that a high-ranking WWE source with knowledge of the situation informed him that reports of WWE's sale or agreement at this moment are 'completely false.'

MMA industry's Ariel Helwani also supported the theory by offering the following update on the situation.

"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."

Brandon Thurston of Wrestlenomics has added that the broken story on Twitter last night, about a deal between WWE and Saudi Arabia to convert the company private, "is untrue."

It's worth noting that Stephanie McMahon issued a departing statement about resigning from her co-CEO position where she noted that Vince McMahon is indeed leading an exciting process regarding strategic alternatives.

While the word 'sale' hasn't been mentioned by any of the WWE Officials, there could be truth to the story that Vince is back on the sole purpose of selling the WWE, indeed. JP Morgan has also been hired to find out the best alternatives for the company's future.

Putting Saudi Arabia out of the context, financial analysts project Comcast, Disney, Endeavor Group Holdings, Amazon, and Netflix as potential bidders to take over the world's biggest wrestling promotion - World Wrestling Entertainment erstwhile known as WWE.