Wrestling giant WWE has reportedly been 'sold' to Saudi Arabia's Public Investment Fund with the news coming as Stephanie McMahon resigns as chief executive.
Her father Vince McMahon is the biggest shareholder in the company after purchasing the shares from his father Vincent J. McMahon 40 years ago.
Vince retired last year but has now returned to the board as a position of executive chair and is leading a process of 'strategic alternatives'. It is now been reported by DAZN reporter Steven Muehlhausen that the company has been sold to Saudi Arabia's Public Investment Fund and will move into being a private company.
The investment fund is controlled by Saudi prince Mohammed bin Salman and is amongst the wealthiest in the world. They have taken a keen interest in sport funding LIV Golf and buying Newcastle United last year.
If the sale is confirmed WWE would return to being private for the first time since it became a publicly traded company in 1999.
Currently Vince McMahon remains the biggest shareholder in WWE and can 'effectively exercise control over affairs'. After his retirement last year McMahon's daughter, Stephanie and Nick Khan took over as co-CEO's with son-in-law Paul Levesque [wrestling name Triple H] taking over day-to-day duties as chief content officer.
Confirming her resignation in a statement on Twitter Stephanie McMahon said: "About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime.
"I had the privilege to return as the Co-CEO and chairwoman of the Board of WWE. I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team and one of the strongest executives I have known in my Co-CEO, Nick Khan.
"Our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick's leadership and Paul "Triple H" Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders."
Mirror Sport have approached WWE for comment.
