Professional wrestling giant World Wrestling Entertainment (WWE) is reportedly being sold to Saudi Arabia’s Public Investment Fund.

FILE – WWE Chairman and Chief Executive Officer Vince McMahon (AP Photo/Jessica Hill, File)

In a report on Yahoo! News, Vince McMahon, longtime controlling-share owner of the company, recently announced he was returning as Chairman of the Board. Fueling speculation of major changes ahead for the company, Stephanie McMahon, McMahon’s daughter, tweeted a message January 10 that she was resigning from her position as Co-CEO and Chairwoman of the Board of WWE:

If WWE is sold to Saudi Arabia, the company will most likely be taken off the public stock market and revert to its status of a private business. Vince McMahon made statements last week that showed his intention to return to WWE to sell the company.

“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” McMahon said. “The only way for WWE to fully capitalize on this opportunity is for me to return as executive chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”

Davenport, IA, native Seth “Freakin” Rollins is a current WWE Superstar (photo submitted)

Vince McMahon first bought the company, then known as World Wide Wrestling Federation (WWWF), in 1982 from his father, Vincent J. McMahon, and transformed the entity from a regional wrestling promotion to one with global offerings. In 2022, McMahon stepped away from his role as WWE CEO while the board continued an investigation regarding McMahon reportedly alleging paying “hush money” to various women to cover up claims of sexual misconduct and infidelity.