The disgraced former Chairman of the WWE Vince McMahon has allegedly spearheaded a deal that sees the WWE being sold to Saudi Arabia. This deal ensures that the WWE will become a private entity for the first time in over two decades. Earlier, it was a public trading company.
The Return of Vince McMahon Causes The WWE’s Downfall
Vince McMahon had stepped down as the Chairman of the WWE last year after facing multiple sexual allegations. After many television appearances during the ongoing investigation, he was consequently removed from WWE television. But last week, McMahon announced that he shall be returning to the company to pursue a sale of the company.
Vince McMahon re-iterated that he wouldn’t interfere in creative decisions. But many in the company don’t believe that statement. He soon re-instated himself to the WWE Board of Directors along with former WWE Co-Presidents George Barrios and Michelle Wilson.
A Controversial Sale
It has been reported that the WWE has been successfully sold to Saudi Arabia’s Public Investment Fund. Details of the deal hasn’t made public yet. J.P. Morgan was hired as an advisor to the WWE for their potential sale. Disney, Amazon and Comcast were listed as potential buyers.
Saudi Arabia and the WWE have a long-standing relationship. In 2018, WWE signed a multi-year deal with Saudi Arabia’s Public Investment Fund to aid Saudi Vision 2030. Crown Jewel at Saudi Arabia has now become a staple event in the WWE’s calendar. Many athletes like Kevin Owens and Sami Zayn have repeatedly refused to perform at such events. Many fans even accused the WWE of garnering ‘blood money’ as Saudi Arabia has an abysmal track record of human rights. Additionally, Saudi Arabia faced a lot of criticism after its alleged involvement in the murder of Washington Post journalist Jamal Khashoggi. Also Read: Vince McMahon Makes A Shocking Yet Controversial Return To The WWE
Stephanie McMahon Resigns
Stephanie McMahon has now resigned as the Chairwoman and Co-CEO of the WWE after her father’s return to the company. Nick Khan is now the sole CEO of the company. Interestingly, the WWE Board of Directors comprising entities like Nick Khan, Stephanie McMahon and Paul Levesque (Triple H) had previously unanimously voted to disapprove of Vince McMahon’s return to the WWE.
Vince McMahon has now elevated himself to the Executive Chairman of the WWE Board of Directors. The very same Board of Directors that had once disapproved of his return to the company, voted in favour of this move.
Morale backstage has been reported to have significantly dropped after McMahon’s return to the company. There is additional fear that McMahon might interfere in WWE creative decisions and side-line Triple H in this aspect. Also Read: AJ Styles Out Of Action After Suffering Horror Injury
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