by - Ex-WWE CEO Vince McMahon reportedly wants at least $9 billion for the company, according to Bloomberg.
- McMahon returned to the WWE Board of Directors in January after resigning last year over allegations of sexual misconduct.
- He has been considering a sale since his return and several bids have reportedly been made.
Former CEO Vince McMahon is reportedly wanting at least $9 billion for a potential sale of World Wrestling Entertainment, Bloomberg reported on Friday.
McMahon, who spent decades building WWE into an entertainment giant, left the company last year amid investigations into allegations of sexual misconduct and millions of dollars tied to non-disclosure agreements.
While McMahon was still the controlling shareholder when he retired, his daughter Stephanie and Nick Khan would serve as co-CEOs after his retirement. But in January, McMahon returned to serve on the WWE board of directors, weeks after The Wall Street Journal reported that he was confident the allegations against him were “blown away” and he could return to the company.
The WWE Board’s internal investigation into McMahon ended in November, but the results were not released.
At the time of his return, WWE said it would be “conducting a review of its strategic alternatives with the goal of maximizing value for all WWE shareholders,” which many took to mean the company was considering a sale.
Days after McMahon’s return, WWE also announced that Stephanie McMahon would step down as co-CEO and Khan would serve as sole CEO.
Bloomberg and Front Office Sports have reported that some bids have been made to buy WWE. Companies such as Netflix, Comcast, Disney, the Endeavor Group, which already owns a majority stake in the UFC, or international corporations such as the Public Investment Fund of Saudi Arabia have been linked to WWE as possible bidders.
Saudi Arabia’s fund has already made several investments in sports and entertainment, with the most controversial being LIV Golf, an alternative league to the PGA Tour, the most public. LIV Golf and other sporting events like the 2022 World Cup in Qatar sparked accusations that Middle Eastern countries are using money and sports to “sporty wash” themselves and distract from issues like their civil rights record.
Last month, Khan reportedly said a sale to the Saudi Arabian fund was “completely wrong” on principle.
McMahon’s desired $9 billion is a tall order considering the company posted sales of $1.29 billion last year and the $9 billion asking price is about 23 times what it was, according to Bloomberg operating profit of the company.
A WWE spokesman did not immediately respond to a request for comment aired Saturday afternoon.
