The posts suggest that Vince McMahon completed the deal after taking over the leadership of WWE from his daughter Stephanie McMahon, who resigned from the board.

But are there any facts behind the speculation?

The Claim

A number of people close to the sport have stated on social media that the Saudi sovereign fund has bought the wrestling brand, with Steven Muehlhausen, head of social media at Pro Wrestling and DAZN, among the first to share the news.

He tweeted: “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.”

YouTube wrestling personality, Just Alyx, also shared the reported news on his social media pages and tweeted: “So Vince McMahon… A man who retired from WWE due to ongoing allegations of sexual misconduct… bullied his way back onto the board of directors after saying he was done… just sell his billion dollar company… to Saudi Arabia. That. Is. F******. Nuts.

The Facts

No official confirmation has emerged as of Wednesday, January 11, that WWE has been sold to Saudi Arabia’s Public Investment Fund, though there is much speculation that this is will soon be a reality.

The narrative about the possible sale can be traced back to a statement from Stephanie McMahon, who was the Co-CEO and Chairwoman of WWE until this week.

She issued a statement on Tuesday, in which she announced her resignation and that Vince McMahon had returned to the helm with the view of looking at “strategic alternatives” for WWE.

Stephanie wrote in her statement: “About 8 months ago, I took leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime.

“I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE.

“I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team and one of the strongest executives I have known in my Co-CEO, Nick Khan.”

Stephanie continued: “Our founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick’s leadership and Paul ‘Triple H’ Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders.

“WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation.

“I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan.

“I will always remain dedicated to WWE. I truly love our company, our employees, our Superstars, and our fans. And I am grateful to all of our partners.

“Thank you for everything. Then. Now. Forever. Together.”

A day after the statement, the sport is abuzz with the claim that this could mean a deal with the Saudis—a prospect that hasn’t gone down well with wrestling fans.

Vince McMahon is reportedly keen to sell WWE, which already has established links with Saudi Arabia through it’s pay-per-view and livestreaming vehicle, Crown Jewel.

Saudi Arabia’s Public Investment Fund also has a track record in buying into sports, as it purchased English Premier League side Newcastle United in October 2021 and also backs the controversial LIV Golf tour, which has rivaled the established PGA Golf.

However, while these factors certainly add fuel to the rumors, and a deal may yet happen, they are by no means hard proof that a sale to the Saudis is imminent.

Newsweek has reached out to the WWE, Saudi Arabia’s Public Investment Fund and Vince McMahon for comment.

The Ruling

Unverified.

There has been no official confirmation that the Saudi Arabia Public Investment Fund has bought WWE, or intends to do so, despite persistent rumors and reports to suggest that this is a done deal.

FACT CHECK BY NEWSWEEK