Tony Khan Tried Buying WWE Before TKO Purchase

Tony Khan placed a bid to buy WWE in 2023, according to court filings obtained by business reporter Brandon Thurston.

The filings stem from a complaint filed in Delaware Chancery Court in November 2023. The report states that plaintiff shareholders allege the merger process was unfair and that Endeavor was preselected by McMahon because its CEO, Ari Emanuel, assured McMahon a future with the company. The defendants deny those claims.

Endeavor ultimately acquired WWE from Vince McMahon, who held majority voting power, and merged it with UFC to form TKO.

Other bidders included Formula One parent Liberty Media and private equity firm KKR, along with Khan and Endeavor. According to the filing, Khan made his bid through a company called Base 10.

Khan’s interest is notable. He owns rival promotion All Elite Wrestling (AEW), the first serious alternative wrestling brand in the United States since WCW in the late 1990s. If Khan had won the bid, he would have controlled a share of the wrestling market comparable to McMahon’s influence from the time WCW folded in 2001 to the launch of AEW in 2019.

In that scenario, Khan would have controlled AEW, WWE, and Ring of Honor, a smaller but influential promotion he purchased in 2022.

Tony Khan, 42, is the son of Shahid Khan, who Forbes ranks as the 55th richest American with a net worth of $14.5 billion. Together, Tony and Shahid own AEW, the NFL's Jacksonville Jaguars, Fulham FC, automotive supplier Flex-N-Gate, and Four Seasons properties.

Interestingly, Tony Khan and parts of TKO will soon operate under one umbrella. AEW currently airs on Warner Bros. Discovery's TBS, TNT, and HBO Max. Paramount Skydance’s planned acquisition of Warner Bros. Discovery would combine those assets with CBS and Paramount+, which exclusively carry TKO’s UFC and Zuffa Boxing.

All together, Paramount would have a live sports portfolio that includes AEW, UFC, Zuffa Boxing, the NFL, MLB, the NHL, March Madness, College Football Playoff games, the Masters, NASCAR, and the French Open. Perhaps only ESPN, which now airs exclusive WWE premium live events, would have a stronger library of sports than Paramount.

All Elite Wrestling (AEW) founder, owner, president and CEO Tony Khan. (Photo by Erick W. Rasco/Sports Illustrated via Getty Images) (Set Number: X164812 TK1)

Having Tony Khan and TKO on opposite sides has significantly increased the salaries of professional wrestlers. Before AEW, performers had little choice but to accept whatever WWE offered them. There was no other promotion with any serious financial backing.

In addition, WWE president Nick Khan (no relation to Tony Khan) has helped turn WWE into a financial juggernaut, including his negotiating of billion-dollar deals with ESPN and Netflix. 

Between the two Khans, there has never been a time in which wrestlers could earn more money and negotiate more flexible schedules.

Despite tribalism among fans of each brand, it is in wrestlers' best interests that WWE and AEW remain separate and competitive in bidding for talent.

That said, the reaction to Tony Khan appearing on Monday Night Raw to announce his purchase of WWE would have been either the biggest babyface or heel moment in pro wrestling history, depending on the crowd.