Shivangini Rawat on January 13, 2023
Vince McMahon’s unexpected return to WWE turned the future of the company upside down. WWE shareholders are wondering not just whether McMahon and the company can execute a sale, but also whether the buyer will be Saudi Arabia. Booker T recently chimed in on the possibility of a WWE sale, and he doesn’t think it’s happening.
WWE is reportedly considering selling the company and has begun working with outside advisors to assist with negotiations for upcoming media rights deals. WWE has said that “they do not intend to comment further until the process has concluded or the Company has otherwise determined that further disclosure is appropriate or required,” regarding the “strategic alternatives review process.” NXT commentator Booker T discussed the potential sale on his Hall of Fame podcast.
Booker T stated that WWE has been as powerful as it has been in a long time over the last couple of months. He then revealed that he does not believe the deal will take place within the next 365 days.
WWE right now has been as strong as it’s been in quite some time over these last couple of months. Stock is up. There is a whole lot of talking going on out there. Personally, do I think the company is going to sell any time soon? I’m going to say no. That’s just me. As far as the company selling anytime soon. That’s within the next 365 days. I don’t see that happening. I just don’t. A sale of that magnitude, there has to be so many T’s crossed and I’s dotted. I can only imagine the money involved in a sale like that. It’s not like buying a car or a house, I would imagine. I would think. I’ve never been in this position before or anything. I don’t see it happening within the next 365 days. I could be wrong, but we’re going to be talking about it a year from now if they don’t.
It’s not a whole lot out of nothing. It is big news. Even a potential sale. I don’t know the money situation of the McMahon situation or anything, that’s well above my pay grade and me wanting to know. I would think the family is okay as far as money goes. Vince McMahon has been around a long time. I would think he has enough money to be happy. I don’t think billions and billions more dollars is going to make him that much more happy because it’s not, it wouldn’t. It would secure his family life and legacy for years and years to come, that’s something that, the family generational money wouldn’t have to worry about. Owning the WWE is something that is generational wealth in itself as well. For that to be passed down to the kids and the kids to be able to do with that, I would think that’s what a dad…that’s what I would do, if I was a dad and it was my kids. I would be thinking about building this thing up as big as I possibly can so one day they can do whatever they want to do with it, just like his dad passed it down to him. That’s the way I see it. It could be a whole lot of talk about a sale, but at the end of the day, I don’t think it’s going to happen, not anytime soon, if it does.
On January 6th, Vince McMahon used his majority ownership to re-appoint himself and former WWE presidents George Barrios and Michelle Wilson to the company’s Board of Directors, removing JoEllen Lyons Dillon, Jeffrey R Speed, and Alan M Wexler. McMahon indicated that his goal was to facilitate the sale of the company. He also amended the bylaws such that no sale or media rights deal could take place without his approval.
Following Vince McMahon’s return, two more Board members left on their own accord: Man Jit Singh, who was in charge of the Board’s investigation into McMahon, and Ignace Lahoud. On January 10th, Stephanie McMahon resigned as co-CEO and Chairwoman, as well as her seat on the Boardof Directors, while Vince McMahon was named Executive Chairman. There has been widespread speculation that Vince McMahon is trying to sell to a party that would commit to keeping him in charge of the company despite the multiple allegations of sexual assault.
As previously reported, Stephanie McMahon and Triple H are opposed to Vince McMahon selling the company. The company’s future is becoming continuously entangled in controversy, and it remains to be seen how it will end. To get the latest updates, keep an eye on Ringside News.
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January 13, 2023 12:22 pm
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