Kemo
01-08-2023, 11:39 PM
:wwe5:
Saudi Arabia’s Public Investment Fund is emerging as a potential bidder for WWE.
WWE has close ties to the Middle Eastern kingdom through its 10-year partnership with the Saudi General Sports Authority, which sees WWE present two events per year in the country.
Their first show was held in April 2018 with the Greatest Royal Rumble. It was originally supposed to feature one event before the partnership was expanded to two large-scale events per year in late 2019.
This is according to sources of Front Office Sports. The fund controls $620 billion in assets with Saudi Crown Prince Mohammad bin Salman as Chairman.
LightShed Partners analyst Brandon Ross told Front Office Sports: “In the same way they did LIV, there’s an unlimited faucet of dollars there. 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.”
The fund has looked into getting more involved in sports as they’re the majority shareholder in English Premier League football club Newcastle United, having acquired the club in October 2021.
Front Office Sports reported that PIF isn’t the only possible bidder, as other potential buyers would be Amazon, Comcast, Endeavor, Liberty Media, and CAA.
Talk of WWE being sold comes after Vince McMahon returned to the company where he elected himself, Michelle Wilson, and George Barrios to the Board of Directors. He has angled his return as wanting to oversee the sale of the company should there be bidders ahead of its television rights deals which expire next year.
It was emphasized that WWE might not be sold while taking the company private and was also touted as another “possible avenue” if it was “the best outcome for shareholders.”
Saudi Arabia’s Public Investment Fund is emerging as a potential bidder for WWE.
WWE has close ties to the Middle Eastern kingdom through its 10-year partnership with the Saudi General Sports Authority, which sees WWE present two events per year in the country.
Their first show was held in April 2018 with the Greatest Royal Rumble. It was originally supposed to feature one event before the partnership was expanded to two large-scale events per year in late 2019.
This is according to sources of Front Office Sports. The fund controls $620 billion in assets with Saudi Crown Prince Mohammad bin Salman as Chairman.
LightShed Partners analyst Brandon Ross told Front Office Sports: “In the same way they did LIV, there’s an unlimited faucet of dollars there. 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.”
The fund has looked into getting more involved in sports as they’re the majority shareholder in English Premier League football club Newcastle United, having acquired the club in October 2021.
Front Office Sports reported that PIF isn’t the only possible bidder, as other potential buyers would be Amazon, Comcast, Endeavor, Liberty Media, and CAA.
Talk of WWE being sold comes after Vince McMahon returned to the company where he elected himself, Michelle Wilson, and George Barrios to the Board of Directors. He has angled his return as wanting to oversee the sale of the company should there be bidders ahead of its television rights deals which expire next year.
It was emphasized that WWE might not be sold while taking the company private and was also touted as another “possible avenue” if it was “the best outcome for shareholders.”