The wrestling entertainment company, World Wrestling Entertainment (WWE), has recently been sold to a Saudi Arabian investment fund. This purchase, was for an undiclosed amount/. The move has been met with a variety of reactions, from enthusiasm to criticism.
The investment fund in question is the Saudi Public Investment Fund (PIF), which is an arm of the Saudi Arabian government. The fund is managed by Crown Prince Mohammed bin Salman, who is the son of the Saudi King. The fund was established in 1971 to invest Saudi Arabian public funds in domestic and international projects. The fund has made a number of investments in the past, including investments in Uber, Tesla, and Softbank.
The purchase of WWE was announced on January 11, 2023. The purchase price was not disclosed. The undiclosed money will be used to purchase all of WWE’s equity and debt, which will make the company a privately-held entity again.
It is worth a reminder the #WWE board *unanimously* disapproved of Vince McMahon's return, in writing.
That board included Stephanie McMahon, Nick Khan, and Paul Levesque.
— Jon Alba (@JonAlba) January 10, 2023
Here is the full letter in which the board unanimously disapproves of Vince McMahon's return at this time. #WWE pic.twitter.com/DAfcqxGlOT
— Jon Alba (@JonAlba) January 10, 2023
The move has been met with a variety of reactions, both positive and negative. On the positive side, many fans of the company are excited that the purchase will bring much-needed capital to the company. The money will allow the company to invest in new talent, create new storylines, and expand its operations in new markets. Additionally, the purchase is seen as a sign of confidence in the company and its future.
On the other hand, there has been significant criticism of the purchase. Many have expressed concerns about the Saudi government’s human rights record and the implications of the purchase on WWE’s public image. There have also been questions about why the company would want to be owned by a foreign government. Additionally, some have expressed concern that the Saudi government may use its influence to pressure WWE into taking certain actions or making certain decisions.
Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv
— Stephanie McMahon (@StephMcMahon) January 10, 2023
The WWE has attempted to address these concerns by making a public statement that the company’s values and commitment to its fans will remain unchanged. The company has stated that the Saudi government will not have any influence over the company’s operations or decisions.
