Published: Jan 11, 2023, 06:09 PM (IST)
Edited: Jan 11, 2023, 06:21 PM (IST)
Texas: If reports are to be believed, Vince McMahon has sold WWE to Saudi Arabia’s Public Investment Fund. The reports emerged soon after McMahon’s daughter 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 the controlling shareholder of WWE once again wants the WWE to be a private business. WWE is the biggest professional wrestling company with massive global reach. It went public on August 3, 1999.
Vince had already made his intentions clear that he would sell the company once he returns to the helm. Vince had resigned as the WWE chairman in July last year, after reports of an investigation against him for sexual misconducts.
As per The Wall Street Journal, Vince paid over $12 million to four women associated with the company to cover up sexual misconduct claims. Earlier in the day, Stephanie McMahon stepped down from her position as co-CEO of WWE. Stephanie was the co-CEO with Nick Khan, who is now the sole CEO of WWE.
Meanwhile, Stephanie’s husband and WWE legend Paul “Triple H” Levesque will continue his role of chief content officer in the company. “With Nick’s leadership and Paul ‘Triple H’ Levesque as chief content officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders,” Stephanie McMahon wrote in an official statement. “WWE is in such a strong position that I have decided to return to my leave and take it one step further with my official resignation. I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan,” it added.
