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Vince McMahon Sells $4.89 Billion Worth WWE to Saudi Arabia

By: Rahul V Krishnan Image credit: WWE and Twitter

According to Steve Muehlhausen of DAZN Wrestling, WWE has been sold to Saudi Arabia's Public Investment Fund.

WWE has been working with Saudi Arabia for a while now by hosting big events in the country. The company will now go back to being private after it became a publicly traded company in 1999.

"Unknown if Vince McMahon will return to head of creative but it is expected by some people." Muehlhausen said in his Tweet.

The news broke after Stephanie McMahon announced that she is resigning as the chairwoman and co-CEO of the company.

WWE in a press release also confirmed that Vince McMahon has been unanimously elected as the Executive Chairman of the Board and Nick Khan will be the sole CEO after Stephanie's departure.

WWE's sale was being talked about by many after Vince McMahon announced that he is returning to the company in order to help lead rights fees negotiation and a potential sale.

As of now, Triple H is listed as the Chief Content Officer which means that he will still be handling creative duties but fans feel that Vince McMahon will soon take over from his son-in-law.

The WWE is yet to announce the sale officially and it'll be interesting to see what the future will hold for the product moving forward under new leadership.

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