New details from POST Wrestling have shed light on the 2023 sale of WWE, revealing that AEW President Tony Khan was among those who explored the possibility of purchasing the company, including a reported $6.9 billion bid backed by Base 10 Partners.
During the sale process, WWE attracted significant interest from major players across the media and entertainment industries. The company began formally evaluating strategic options after Vince McMahon returned to the board and initiated a review aimed at maximizing shareholder value. As one of the most recognizable brands in global sports entertainment, WWE quickly became a highly sought after asset.
Khan’s reported interest underscores how wide reaching the process became. As the founder and CEO of All Elite Wrestling, WWE’s top competitor, his involvement represented a unique and potentially industry altering scenario. Had Khan been successful, it could have led to a dramatic consolidation within professional wrestling, uniting two rival promotions under one umbrella.
Part of that reported effort involved Base 10 Partners, a venture capital firm that was linked to a potential bid. According to court filings, Base 10, a company backed by Tony Khan, submitted a bid of approximately $6.9 billion when WWE was up for sale in 2023.
The filing stated, “Base 10 is the owner of AEW, a professional wrestling promotion that plainly would enjoy significant synergies with WWE.”
The firm, which focuses on technology and growth driven investments, was said to be aligned with Khan as he explored the opportunity. Its involvement suggests that any attempt to acquire WWE would have been backed by significant financial resources rather than structured as an individual purchase.
A Potential Parallel to WWE’s WCW Acquisition
The situation also draws comparisons to one of the most pivotal moments in wrestling history when Vince McMahon purchased World Championship Wrestling in 2001.
At the time, WCW had been WWE’s biggest competitor during the Monday Night Wars of the late 1990s. However, after years of financial struggles under AOL Time Warner, WCW was ultimately sold to McMahon, effectively ending the rivalry and giving WWE control over its top competitor’s assets, including video libraries, talent contracts, and intellectual property.
That acquisition reshaped the wrestling industry for years to come, cementing WWE’s dominance and closing the chapter on one of the most competitive eras in the business.
Had Tony Khan succeeded in acquiring WWE, it could have represented a modern day version of that same scenario, only in reverse. Instead of WWE absorbing its rival, the head of AEW would have taken control of the industry’s longtime market leader, potentially redefining the balance of power in professional wrestling.
Endeavor Acquires WWE and Forms TKO Group Holdings
Ultimately, the deal did not materialize for Khan. Instead, Endeavor Group Holdings emerged as the winning bidder. The company finalized an agreement to merge WWE with the Ultimate Fighting Championship, creating TKO Group Holdings in a landmark deal that reshaped the combat sports and sports entertainment landscape.
The transaction, completed in September 2023, marked the first time in decades that WWE was no longer under majority control of the McMahon family. Endeavor took a controlling stake in the new company, while existing WWE shareholders retained a significant minority interest.
While Khan did not acquire WWE, his reported involvement highlights the scale and importance of the sale. It also adds an intriguing what if to wrestling history, as the outcome could have dramatically changed the direction of the industry.
Today, WWE operates under the TKO banner alongside UFC, while AEW continues to establish itself as a leading alternative in the wrestling space.
