WWE reportedly sold to Saudi Arabia

Reports on Wednesday morning stated that US professional wrestling promotion WWE is being sold to Saudi Arabia’s Public Investment Fund.

This development comes hours after Stephanie McMahon stepped down as Chairwoman & Co-CEO, less than a week after her father, Vince McMahon, came out of retirement and took over as the chairman of the board.

As reported by DAZN pro wrestling reporter Steven Muehlhausen, WWE "will go back to being private" for the first time since October 1999.

Ever since McMahon returned from his retirement, talks were on of a potential WWE sale. Soon after he took over, McMahon made his intentions known when he announced that the company was gearing up to undertake "strategic alternatives" with an aim "to maximize value for all WWE shareholders." His statement made heads turn and many felt WWE's sale was around the corner.

It is to be noted that an official announcement has not been made. WWE is yet to confirm or deny DAZN's report of its sale to Saudi Arabia's Public Investment Fund.