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Saudi Arabia’s Public Investment Fund is rumored to be the new owner of WWE. Fans are disillusioned, but there are some positives to take if the news turns out to be true.
PIF is Saudi Arabia’s sovereign wealth fund. It was created in 1971 for the purpose of investing on behalf of the Kingdom, and the legacy continues to this day. Held by Crown Prince Mohammed bin Salman, the fund has spread its roots in the world of gaming, cab services, and even sports.
In October 2021, Saudi Arabia took ownership of Newcastle United F.C. for 300 million euros from British billionaire Mike Ashley. Owning an 80% stake, PIF managed to get its first taste in the world of sports. It still controls Newcastle United despite the backlash it received from the Premier League on legal grounds.
In 2021, Saudi Arabia also funded the establishment of LIV Golf Investments. It organized a professional tour, LIV Golf, in June 2022, which gave solid competition to the PGA Tour. One of the main reasons for its success was its total prize pool of $255 million. An estimated $2 billion was used to organize the event.
In the latest fundings, Saudi Arabia’s PIF raised many eyebrows when it agreed to a deal with Isreal’s business in May last year. Profiting both parties, the negotiations have led to warm relations between the Arab countries.
The speculation of WWE being sold to Saudi Arabia is no surprise. One of the largest sovereign funds, the PIF has total estimated assets of $620 billion and may provide the promotion with a deal they can’t refuse. Their experience in sports, combined with their love for wrestling, comes as a bonus.
In 2018, WWE signed a ten-year agreement with Saudi Arabia to hold grand shows in the Kingdom. Crown Jewel and Greatest Royal Rumble are two premium live events that occur each year.
WWE to be sold to Saudi Arabia: Multiple superstars on the verge of leaving after PIF reportedly takes control
Vince McMahon’s return slightly discouraged the locker room, but the recent potential deal with PIF may have bigger repercussions. According to Sean Ross Sapp of Fightful, multiple talents are threatening to leave the company if the bombshell 'WWE sold to Saudi Arabia' turns out to be legitimate.
Fans are now speculating as to what names Sean Ross is referencing. Sami Zayn, Kevin Owens, and John Cena could have issues with Saudi’s takeover. The latters refused to be part of the Premium Live Events in Saudi due to the country’s political stance, while the Honorary Uce isn’t a welcome sight for the Arabs due to his Syrian descent.
