Stephanie McMahon gave notice of her resignation as WWE’s co-CEO and chairperson on Tuesday night. When Vince McMahon left the organisation last year, she took over the position and kept it for over seven months.
Nick Khan, who is currently the “only” CEO, and Stephanie earlier handled the duties of CEO together. As WWE’s Chief Creative Officer, her husband Triple H is still in charge of setting the creative tone.
Stephanie McMahon decided to take a break from WWE in May, prior to Vince McMahon’s departure last year in order to concentrate on her family obligations.
She still had to come back soon after to rebuild the professional image of the company, after reports of Vince’s wrongdoing damaged the reputation of giant of the wrestling entertainment industry.
But now that Vince has rejoined the Board of Directors last week, she has left her position. Steph would most likely be focusing on her family duties which she wanted to do earlier.
Saudi Arabia could be taking over WWE from Vince McMahon
The freshly appointed Executive Chairman made a statement outlining his plans to take full advantage of the future media rights sales in order to maximise shareholder profitability.
According to rumours, a covert transaction allowed Saudi Arabia to gain control of WWE by its huge Private Investment Fund. However, these rumous lack substantial evidence, because WWE is still listed on the stock exchange.
“No actual facts to suggest this sale is actually happening,” said Sean Ross Sapp of Fightful. However, he had heard that the Stamford-based firm was going private.
This does not imply that Saudi Arabia is unwilling to purchase WWE. Due to the hosting of numerous Premium Live Events as part of a 10-year arrangement, it has recently become a hotspot for fighting enthusiasts.
Saudi Arabia, which is well-known for its passion for sports, is a strong candidate in any hypothetical bidding war.
The proposals for a WWE takeover can become reality three to six months prior to the broadcast agreements. After Stephanie McMahon’s resignation, WWE shares rose by another $2.
Selling the business makes more sense than continuing the television deals and getting trapped for another five years. Vince reportedly recruited JP Morgan, an investment bank, to provide advice on a possible sale of WWE.