The Saudi Arabian Public Investment Fund could be set to branch out into WWE. According to Front Office Sports, Newcastle United's majority owners have been linked with a bid for Vince McMahon's controlling stake, with rumours circulating about a possible sale after the 77-year-old stepped down last summer after a sexual misconduct scandal.
McMahon, who is the company’s controlling shareholder and once linked with a takeover at St. James' Park, returned to the organisation last week with it exploring “strategic alternatives” and media rights negotiations. “WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” said McMahon in a statement.
“The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
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WWE has a history with Saudi Arabia, hosting the organisation's Crown Jewel, WWE Live, and Greatest Royal Rumble events there in years gone by. WWE also has a 10-year deal to hold two live events per year in the Kingdom of Saudi Arabia.
An investment into the wrestling entertainment franchise would be the latest in the Saudi's expanding their sport empire. Last year, PIF spent at least $2 billion to bankroll LIV Golf and they've been the majority shareholders in Newcastle since 2021.
The Kingdom has come under fire for their sporting investments after accusations of sportwashing, in an attempt to deflect away from its history of human rights abuses and treatment of women. The death of dissident Saudi journalist Jamal Khashoggi also shone further spotlight on the country.
“In the same way they did LIV, there’s an unlimited faucet of dollars there,” LightShed Partners analyst Brandon Ross told Front Office Sports. “The Saudis are already a decent part of the profitability of the company just on those two [Saudi-based WWE] events alone. They’re trying to be relevant in the entertainment world.”
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