World Wrestling Entertainment, Inc. has reportedly been sold to Saudi Arabia's Public Investment Fund.
The company will become private, according to DAZN reporter Steven Muehlhausen, who added that it is unknown whether founder and former CEO Vince McMahon
who recently returned to the company as executive chairman, will return as the head of creative.
The report of the sale comes just hours after CEO Stephanie McMahon, Vince's daughter, announced her resignation from the company.
She had stepped in following her father's departure as CEO earlier this year amid a sexual misconduct investigation.
Stephanie McMahon's departure leaves Nick Khan as the sole CEO. Her husband, Paul "Triple H" Levesque, is the chief content officer.
Another report has stated that while the deal has been agreed to in principle, it won't be finalized until WWE notifies shareholders and other parties because it is a publicly-traded company.
Critics of the reported sale pointed out on Twitter that severe punishment is possible in Saudi Arabia for being a part of the LGBT community
a group with which many WWE wrestlers identify. Others are just as worried about what the changes will do to the product.
WWE has a history with Saudi Arabia, holding its Crown Jewel, WWE Live, and Greatest Royal Rumble events there in recent years.
According to Front Office Sports, WWE has a 10-year agreement to hold two live events per year in the kingdom.
Saudi Arabia’s Public Investment Fund reportedly controls about $620 billion in assets, and the kingdom has been stretching its reach into the world of sports in recent years.
In 2021, the PIF became the majority owner of English soccer club Newcastle United. Last year, it spent at least $2 billion to fund LIV Golf’s global challenge to the PGA Tour.