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Saudi PIF is close to buy the WWE if it is on market

Saudi Arabia’s Public Investment Fund (PIF) could be a potential buyer for WWE if  Vince McMahon is looking to sell the company.

 

The Public Investment Fund of Saudi Arabia might bid on the wrestling promotion if it goes on the market.

 

An SEC filing published on Friday announced McMahon’s return to the company as a board member, along with George Barrios and Michelle Wilson.

 

The 77-year-old remained the controlling shareholder for WWE even after announcing his retirement in July.

 

McMahon’s decision to return was sparked by his desire to potentially explore a sale of the company as WWE begins to renegotiate its media rights deals.

 

“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand.

 

WWE’s current television contracts with NBCUniversal and Fox are set to expire in 2024.

 

NBCUniversal could extend its deal to keep Raw on USA and potentially sign SmackDown away from Fox as part of a precursor to buying the entire company.

 

McMahon and WWE were among the first sports organizations to get into business with Saudi Arabia as part of the country’s “Saudi Vision 2030” development program.

 

The Private Investment Fund allocated $1.8 billion to sports in 2020 alone.

 

WWE announced a 10-year agreement to hold events in Saudi Arabia in 2018.

 

WWE and KSA expanded their deal in 2019 to hold two large-scale events in the country every year.

 

McMahon has owned WWE since 1982 when he bought the promotion from his father.

 

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