Vince McMahon reportedly sells WWE to Saudi Arabia, Stephanie McMahon resigns from company

In a 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.

WWE is the biggest professional wrestling company with broadcasting deals all over the world. As per a CNN report, the company went public in August 3, 1999. It was previously owned by the McMahon family.

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

Vince had resigned as the WWE chairman in July last year, after reports surfaced that WWE had launched an investigation against him for sexual misconducts. As per The Wall Street Journal, 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.

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

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.