Vince McMahon, WWE Retain The Raine Group to Oversee Potential Sale

Paul KasabianFeatured Columnist IIJanuary 13, 2023

LAS VEGAS, NV - JANUARY 08:  WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES at the Encore Theater at Wynn Las Vegas on January 8, 2014 in Las Vegas, Nevada. The network will launch on February 24, 2014 as the first-ever 24/7 streaming network, offering both scheduled programs and video on demand. The USD 9.99 per month subscription will include access to all 12 live WWE pay-per-view events each year. CES, the world's largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees.  (Photo by Ethan Miller/Getty Images)
Ethan Miller/Getty Images

WWE has retained the services of The Raine Group to explore a potential sale, per the Action Network's Darren Rovell.

The Raine Group led the way on the UFC's $4 billion sale, per Rovell, who also noted that the United States-based investment banking firm is leading oversight on Manchester United's potential sale.

The news comes one week after WWE executive chairman Vince McMahon was reinstated to WWE's board of directors. McMahon retired as CEO in July amid allegations of sexual misconduct.

Lauren Thomas of the Wall Street Journal reported on Jan. 6 that McMahon, 77, came back to WWE to "pursue a possible sale of the business."

Alex Sherman of CNBC reported the following day that WWE hired JPMorgan to "advise on a sale."

There were numerous reports that WWE had a deal in place to sell to Saudi Arabia's Public Investment Fund, but MMA and wrestling journalist Ariel Helwani knocked them down.

Ariel Helwani @arielhelwani

Contrary to reports stating otherwise last night, there is no deal in place at this precise moment for WWE to be sold to Saudi Arabia's Public Investment Fund or any entity, sources say. <br><br>The organization is still exploring all options, I'm told. Developing.

McMahon's daughter, Stephanie, has since resigned her post as co-CEO and explained why on social media.

Stephanie McMahon @StephMcMahon

Then. Now. Forever. Together. <a href="https://t.co/8dqr5reIiv">pic.twitter.com/8dqr5reIiv</a>

Nick Khan, who took over as co-CEO with Stephanie McMahon after Vince McMahon resigned, is now the company's sole CEO.