Vince McMahon reportedly sells WWE to Saudi Arabia's Public Investment Fund

American professional wrestling promotion WWE is now being sold to Saudi Arabia’s Public Investment Fund, reports claim. The reports have emerged hours after Stephanie McMahon announced her resignation from the company and her father Vince McMahon returned as the Chairman of the Board.

DAZN pro wrestling reporter Steven Muehlhausen reported that Vince, who is also the controlling shareholder of WWE, made the business to get the company off the public stock market and once again being a private business.

Professional wrestling company, WWE has broadcasting deals all over the world. A CNN report showed that the company went public on August 3, 1999. It was previously owned by the McMahon family.

Earlier Vince had made it clear that he would sell the company after his return, so the news of WWE being sold to Saudi Arabia shouldn't come as a surprise.

Vince resigned as the WWE chairman in July last year. It was reported that WWE had launched an investigation against him for sexual misconducts. The Wall Street Journal in its report showed that Vince had paid over $12 million to four women associated with the company to cover up claims of sexual misconduct and infidelity for over 16 years.

Stephanie McMahon stepped down from her position as co-CEO of WWE today. She was also the chairwoman of the company until her father returned last Friday. She shared co-CEO duties with Nick Khan, who is the sole CEO of WWE at the moment.

 WWE legend and Stephanie's husband Paul "Triple H" Levesque will continue his role in the company. The Game is the chief content officer of WWE since Vince retired as the chairman last year.

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