WWE sold to Saudi Arabia’s Public Investment Fund: Reports | WWE News

NEW DELHI: The day after Stephanie McMahonhis resignation as World wrestling entertainmentWWE (WWE) President, reports are circulating that an American professional wrestling promotion is being sold to Saudi Arabia’s Public Investment Fund.
Stephanie’s father, Vince McMahon, also returned as executive chairman of the board on Tuesday. McMahon, 77, returned to the board last week and elected himself and two former co-chairs and trustees Michelle Wilson and George Barrios to the board.
According to DAZN’s Steven Muehlhausen, WWE will “return to being private” for the first time since becoming a publicly traded company in October 1999. Muehlhausen further tweeted that it is “unknown if Vince McMahon will return to the head of creation, but it is by some people.”

Nick Khan will be the new CEO of WWE, the entertainment company added.
McMahon’s daughter, Stephanie, announced her resignation in a statement posted on Twitter.
“I look forward to cheering on WWE on the other side of the business, where I started when I was little, as a pure fan,” she said.

Vince McMahon, who led the company for four decades, said last week that the only way WWE could fully capitalize on the growing demand for content and live entertainment was for him to return as executive chairman.
The company also announced at the time that it would explore strategic alternatives.
McMahon retired in July last year as CEO and chairman of the company following an investigation into his alleged misconduct. Later, WWE said it found unrecorded expenses related to McMahon.


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