Vince McMahon reportedly sells WWE to Saudi Arabia, Stephanie McMahon resigns as CO-CEO

Stephanie McMahon resigned from her position as the CO-CEO of World Wrestling Entertainment as her father Vince McMahon was unanimously elected as the Executive Chairman of the board. Nick Khan will now continue as the CEO of the organisation. 

In another big development, reports on Wednesday morning stated that American professional wrestling promotion WWE is being sold to Saudi Arabia’s Public Investment Fund. The reports emerged hours after Stephanie McMahon announced her resignation from the company and her father Vince McMahon returning as the Chairman of the Board. As reported by DAZN pro wrestling reporter Steven Muehlhausen, 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.  Meanwhile, Stephanie's husband and WWE legend 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.