Reports have come in that Saudi Arabia’s Public Investment Fund has purchased WWE, the world’s largest pro-wrestling company.
This comes days after reports that Saudi Arabia’s PIF could bid $6.5 billion for the company.
WWE has a long-term deal with Saudi Arabia to bring two premium live events to the country each year, with its 10 year contract starting back in 2018. The deal is reportedly for $1 billion and $50 million per event.
This is the latest major move that Saudi Arabia has made in the global sports and entertainment space, coming after the blockbuster signing of Cristiano Ronaldo to Al Nassr FC, as well as the push towards F1 with the Jeddah Circuit joining the yearly calendar starting in 2021, as well as the purchase of Newcastle United in the English Premier League, which has been a huge positive for the club.
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