Saturday, July 20, 2024

Saudi Arabia Reportedly Buys WWE (World Wrestling Entertainment)

There have been rumors that WWE, the biggest professional wrestling organization in the world, has been purchased by Saudi Arabia’s Public Investment Fund.

Days prior, there were rumors that Saudi Arabia’s PIF may make a $6.5 billion offer for the company.

WWE has a long-term agreement with Saudi Arabia to host two high-end live events there each year. The 10-year arrangement began in 2018, and it is set to expire in 2028. $50 million per event is apparently included in the $1 billion contract.

This is Saudi Arabia’s most recent significant step in the world of sports and entertainment, following the sensational acquisition of Cristiano Ronaldo to Al Nassr FC and the country’s quest to bring the Jeddah Circuit into Formula

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