Another Big Hint WWE Is Considering Selling To Saudi Arabia

2 months ago by Liam Winnard

Another Big Hint WWE Is Considering Selling To Saudi Arabia WWE

Another big hint has emerged that WWE is at the very least considering a sale to the Saudi Arabian Public Investment Fund.

In case you weren’t aware, the latest update is that WWE has not officially been sold yet, but the belief is that Saudi Arabia is well and truly in the running, especially if Vince McMahon wants control of the company and wants to take the company private.

Before all the Saudi rumors started, it was reported that WWE had brought in JP Morgan to assist with the sale.

Well, it turns out there could be a very good reason WWE chose JP Morgan specifically, as its website ‘About Us’ page states the following:

We are the only U.S.-headquartered financial institution with two operating licenses in Saudi Arabia, providing access to a comprehensive range of products and global banking capabilities for clients in the country. We are regulated by the Saudi Arabian Monetary Authority and the Capital Market Authority.

We have a committed and long-standing history of serving clients in the Middle East dating back to the 1930s when a predecessor firm helped U.S.-based oil companies strengthen their operations in Saudi Arabia. We opened our first branch in Beirut, Lebanon in 1955 and today we operate across offices in Abu Dhabi, Beirut, Cairo, Doha, Dubai, Manama and Riyadh.

Globally, through the JPMorgan Chase Foundation, we make philanthropic investments in cities where we have major operations, assisting those at a disadvantage by helping them build better lives for themselves, their families and their communities. Across EMEA, the firm focuses its investment and attention on three pillars: Economic Development, Financial Empowerment and Workforce Readiness.

J.P. Morgan is a global leader in financial services, offering solutions to the world’s most important corporations, governments and institutions in more than 100 countries. As announced in early 2018, JPMorgan Chase will deploy $1.75 billion in philanthropic capital around the world by 2023. We also lead volunteer service activities for employees in local communities by utilizing our many resources, including those that stem from access to capital, economies of scale, global reach and expertise.

Cultaholic is reporting that sources have told them that the fact JP Morgan operates in Saudi Arabia is indeed the specific reason it was hired by WWE.

Dave Meltzer reported earlier that WWE CEO Nick Khan had met with Bob Iger (the CEO of Disney) and Jimmy Pitaro (President of ESPN) on January 9. Read more on that at this link.

The story of WWE being sold to Saudi Arabia exploded a couple of days ago, but the general current sentiment is there’s nothing official yet, but it could very well be a ‘where there’s smoke, there’s fire’ situation in the sense that the Saudis are at least one of the major options.

Steven Muehlhausen of DAZN initially tweeted on January 10:

Sources: #WWE has been sold to Saudi Arabia’s Public Investment Fund.

The company will go back to being private.

Unknown if Vince McMahon will return to head of creative but it is expected by some people.

However, a short time later, Cassidy Haynes of Bodyslam reported the following, which Muehlhausen said he’d also heard:

The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties.

There are legalities to go through, as the company is publicly traded.

But, again, I’m told a deal has been agreed to in principle.

Yesterday (January 11), multiple outlets, including TMZ and Ariel Helwani, reported that a deal was not finalized.

We will provide more updates on the situation as they become available.

On January 6, using his power as majority owner, Vince McMahon put himself and former WWE presidents George Barrios and Michelle Wilson back on the company’s Board of Directors, disposing of JoEllen Lyons Dillon, Jeffrey R Speed, and Alan M Wexler in the process.

McMahon had stated that his intention was to facilitate a sale of the company.

He changed bylaws to ensure that no sale or media rights deal could be completed without his approval.

Upon McMahon’s return, two further Board members resigned of their own volition, those being Man Jit Singh – who was the one heading up the Board’s investigation into McMahon – and Ignace Lahoud.

Stephanie McMahon then resigned from her role as co-CEO and Chairwoman and her position on the Board on January 10, as Vince McMahon was elected Executive Chairman.

There has been much speculation that Vince McMahon was looking to sell to a party that would commit to keeping him in charge of the company despite the multiple sexual assault allegations that have surfaced in the past year that led to his initial ‘retirement’ in July.

It’s important to make clear that there has not been an official announcement regarding a sale to Saudi Arabia yet, so we’ll obviously keep you updated so keep an eye on the homepage and Twitter for anything else that breaks.

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