WWE sold? Stephanie McMahon resigns
January 11, 2023
By Nik Roseveare
Rumours are circulating that WWE, the wrestling entertainment juggernaut, is set to be sold to Saudi Arabia.
In a time of great upheaval for the company, January 10th saw WWE Chairman and Co-CEO Stephanie McMahon announce her resignation from the company just days after her father Vince McMahon was reinstated to the Board of Directors. Nick Khan will now serve as the lone WWE CEO.
Vince McMahon’s return was widely reported to have been done in order to prepare the company for sale, and according to several reports, a sale could be in motion and a deal could be confirmed imminently with Saudi Arabia’s Public Investment Fund (PIF). The PIF is the sovereign wealth fund which helped fund the takeover of Premier League football team Newcastle United, as well as start the controversial LIV Golf tour.
WWE has not made any statement regarding the takeover rumours, and at the start of the morning stock exchange (On January 11th), there was still no formal announcement or recognition of the reports.
In a statement issued by WWE, Vince McMahon said: “First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand. I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”
Stephanie McMahon commented:“I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders.”
Khan added: “Stephanie McMahon is a terrific executive and an even better person. It has been an honour to serve as Co-CEO with her. She will only continue to succeed. I’m grateful to Vince McMahon and our Board of Directors for their ongoing support. I look forward to continuing to work closely with them and my WWE colleagues to ensure our company may thrive as the premiere powerhouse in sports entertainment for years to come.”