In July 2022, Stephanie McMahon was named the Co-CEO and WWE Chairwoman after her father, Vince McMahon, announced his retirement. However, there have been recent changes in the hierarchy as Vince McMahon got out of retirement to join the WWE Board of Directors. Stephanie McMahon has now resigned from all of her duties.
This news comes along with another update regarding the future of WWE. If the reports that are coming in are to be believed, WWE is all set to go back to becoming private. The report states that WWE is being sold to Saudi Arabia’s Public Investment Fund. Needless to say, fans aren’t thrilled after hearing the report and are blaming the whole thing on Vince McMahon’s return.
Stephanie McMahon Resigns as WWE Reportedly Sold to KSA
According to DAZN pro wrestling reporter, Steven Muehlhausen, sources have stated that WWE will be going back to its old ways as a private company with it being sold to Saudi Arabia’s Public Investment Fund. In his tweet, Muehlhausen also stated that while it wasn’t confirmed, people are expecting Vince McMahon to return as the Head of Creative.
This report came just moments after Stephanie McMahon resigned from her position as Co-CEO and Chairwoman of WWE and McMahon was announced to be coming out of retirement. McMahon took to her social media to announce that she was retiring from her positions and would be supporting WWE as a fan, instead. She added that the company was in a strong position and that her resignation would only take it further.
Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv
— Stephanie McMahon (@StephMcMahon) January 10, 2023
Fans of WWE are not at all pleased with whatever business seems to be going around behind the scenes as they took to Twitter to deem this as the end of WWE. They put their disapproval of the sale out in public and put McMahon on blast for supposedly pulling this unwelcome stunt.
This kind of thing doesn’t happen overnight. Vince has been plotting this from the moment he stepped down.
— Pippy Longsticking (@PLongsticking) January 11, 2023
If this holds up, WWE is officially in the toilet
— MeuseArgonne (@ArgonneForest) January 11, 2023
And just like that, WWE is dead.
— Mark Walker (@howdyimmark) January 11, 2023
— James Hurley 🇮🇪 (@james2k03_) January 11, 2023
Vince really killed the company not even a week after returning. Insane. pic.twitter.com/zVjQfVfsaX
— Jordy P (@xcv_paul) January 11, 2023
In the press release which talked about the changing roles of WWE McMahon started off his speech by stating that he fully supports his daughter’s decision and that he was grateful for all the work she had done in his absence. He then stated that Nick Khan will be serving as WWE’s CEO. The press revealed that McMahon was unanimously elected as Executive Chairman of the Board, upon his return.
Vince McMahon Talks About Taking WWE Forward
In a previous statement, McMahon had made it pretty clear that he intended to return to WWE to make a few changes. He sent out a press release that suggested that McMahon’s return will make him eligible to make decisions around the company’s media rights negotiations. According to the statement, the only way WWE could go forward was if McMahon was reinstated as Executive Chairman.
“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. 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.”
Now that McMahon has been elected as Executive Chairman of the Board, it is only a matter of time before we know if a sale is in the near future of WWE or not. For now, neither has the company denied nor has it confirmed the sale to Saudi Arabia’s PIF.
Source: Wrestling Inc