Last week, Vince McMahon removed three board members and added himself, Michelle Wilson and George Barrios to the board.
Vince McMahon said that his return won’t impact anyone’s duties. “WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities.” However, today, the company management structure completely changed.
A few hours ago, Stephanie McMahon announced that she is leaving WWE. The company’s Board of Directors then unanimously elected Vince McMahon as Executive Chairman of the Board. Nick Khan has now become the new Chief Executive Officer of WWE. You can read the full press release by clicking here.
Previously CNBC reported that WWE has hired JPMorgan Chase & Co to get advice for selling the company. Front Office Sport reported that Saudi Arabian authorities are willing to buy WWE if the company sells.
Today, multiple news outlets reported that WWE has been sold to Saudi Arabian Public Investment Fund. Steven Muehlhausen of DAZN, Cassidy Haynes of Bodyslam, and many others reported similar news.
However, the journalists who reported the news now say that the company didn’t sell yet.
Here’s what Cassidy Haynes of Bodyslam tweeted.
“Update, here is what I’ve put together so far:
The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties. There are legalities to go through, as the company is publicly traded. But, again, I’m told a deal has been agreed to in principle.”
Update, here is what I’ve put together so far:
— Cassidy Haynes of Bodyslam.net (@Casshooole) January 11, 2023
The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties. There are legalities to go through, as the company is publicly traded. But, again, I’m told a deal has been agreed to in principle.
Founder of Fightful Jimmy Van tweeted the following.
“I will say this which contradicts the Saudi rumors – WWE had just announced that JPMorgan was repping them. Usually a sales process takes months before shareholder approval. It seems too fast for a deal to have happened already.”
I will say this which contradicts the Saudi rumors – WWE had just announced that JPMorgan was repping them. Usually a sales process takes months before shareholder approval. It seems too fast for a deal to have happened already.
— Jimmy Van (@jimmyvan74) January 11, 2023
Sports Journalist Jon Alba issued this tweet.
“I want to make it extremely clear when I say this, doesn’t mean it’s not going to happen, as it very well may.
But everyone I’ve spoken to who I trust as sources and have trusted for years do not believe at this moment a deal between WWE and the Saudis is done.”
I want to make it extremely clear when I say this, doesn't mean it's not going to happen, as it very well may.
— Jon Alba (@JonAlba) January 11, 2023
But everyone I've spoken to who I trust as sources and have trusted for years do not believe *at this moment* a deal between WWE and the Saudis is done.
Stay tuned with The Spotlight for more news.