It's been mentioned a couple of times during all the speculation and the like -- and the latest is that Spanish-language announcer Hugo Savinovich has increased the pressure on WWE, stating directly that the Saudi authorities had factually ordered the kidnapping of the bulk of the WWE roster.
And people who have dealt with the Saudis note that is usually the first step toward eliminating possible "problems" the likes of MBS have with them.
But that's not what I'm meaning when I make this headline today. This is a far more concrete situation.
It's clear that the WWE knew well in advance that it was having problems with the Saudis with respect to receiving agreed-upon monies. It has been referred to at least twice in recent investor communications.
On July 22nd, according to required SEC filings, almost $23 million of stock was sold by WWE executives (Vince, HHH, Stephanie, Kevin Dunn, etc.) at about $70 a share. I'm not counting a much larger sale in April of about $270 million by Vince, simply because of the fact that sale is pretty much known to be related to the XFL launch for next winter. (Wrestling Inc)
Another report indicates the totals are probably much higher. One report has the total for July and August for WWE at at least $57 million of stock.
Why is the situation so significant? Because part of the reason for the "dick-waving contest" was an apparent non-payment for the June Super Showdown blood-money card.
It would appear that WWE executives had to know that, once this all went public and the like, the stock price was going to tank.
The Saudi controversy has knocked another almost two dollars off the price of the WWE stock, taking it down to just $54 a share. Meaning that those who even bought from the executives in July have now lost over 20% of the stock's value in just about three months.
There's two words for this, in very real possibility: INSIDER TRADING.
It is illegal for executives to sell stock on information not publicly known. And I would say much of this Saudi mess has not been publicly known.
Stay tuned.
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