Tony Khan Tried to Buy WWE: Details of $6.9 Billion Bid Revealed
The wrestling world is buzzing over newly revealed details concerning the attempted acquisition of WWE by a company backed by AEW President Tony Khan. Court documents related to the ongoing shareholder lawsuit against TKO Group Holdings, the entity formed after Endeavor’s purchase of WWE, have surfaced, detailing a $6.9 billion bid made by Base 10, a company linked to Khan, in 2023.
The revelation, initially reported by Brandon Thurston of Post Wrestling, sheds light on the competitive landscape surrounding the sale of WWE, ultimately won by Endeavor with an $8.5 billion offer. Endeavor’s acquisition led to the creation of TKO Group Holdings, a move that consolidated control of two of the industry’s biggest promotions.
Although Tony Khan’s name doesn’t appear directly in the court filings, the documents clearly identify Base 10 as “the owner of All Elite Wrestling, a professional wrestling promotion that plainly would enjoy significant synergies with WWE.” This connection confirms Khan’s direct involvement in a bid to control his biggest competitor.
Base 10, established in 2014, operates as a separate entity from Beatnik Investments, LLC, another company associated with the Khan family. The distinction highlights a deliberate structuring of Khan’s investment portfolio.
The $6.9 billion offer from Base 10 represented the lowest of the four bids received. For comparison, the other offers included:
- TKO Group Holdings (Endeavor): $8.5 billion
- Liberty Media: Bid amount not publicly disclosed in available sources.
- KKR: Bid amount not publicly disclosed in available sources.
Beyond the financial figures, a key difference in the bids lay in their structure. Endeavor’s winning proposal was an all-stock deal, exchanging investor shares for stock in the newly formed TKO Group Holdings. Base 10’s bid, along with those from Liberty Media and KKR, were structured as all-cash offers.
Further complicating matters for Base 10, Thurston’s reporting indicates that the other bidders – TKO, Liberty Media, and KKR – were granted access to a “data room,” providing confidential, non-public WWE information as part of the due diligence process. There is no indication that Base 10 received the same access. This disparity may have been due to the lower valuation of their bid, Khan’s ownership of a competing promotion, or a combination of both factors.
The lack of access to the data room could have significantly hampered Base 10’s ability to refine its offer and present a more competitive bid. The confidential information contained within the data room would have provided valuable insights into WWE’s financial performance, operational details, and future prospects.
This revelation adds a fascinating layer to the narrative of WWE’s sale, prompting speculation about how the professional wrestling landscape might look today had Khan’s bid been successful. A combined AEW-WWE under Khan’s ownership would have dramatically altered the competitive dynamics of the industry, potentially leading to a period of unprecedented consolidation, and change.
The fact that Khan was willing to pursue such a significant acquisition underscores his ambition and commitment to the professional wrestling business. Despite already establishing AEW as a viable competitor to WWE, he clearly saw an opportunity to exert even greater influence over the industry by bringing both promotions under his control.
The court filings, released as part of the shareholder lawsuit against TKO, offer a rare glimpse behind the curtain of a high-stakes business deal. While the outcome ultimately favored Endeavor, the revelation of Khan’s bid provides a compelling “what if” scenario that will undoubtedly fuel discussion among wrestling fans and industry observers for years to come.
The shareholder lawsuit, which prompted the release of these details, continues to unfold. The implications of the sale and the formation of TKO Group Holdings are still being debated, and the legal proceedings may yet reveal further insights into the complex dynamics that shaped the future of professional wrestling.