This weekend’s WWE Royal Rumble will be held in Saudi Arabia, making it the first time in history that the WWE Royal Rumble will be held outside of North America. How important is that?
If you’re sitting in Ali Emanuel’s chair, the answer must be laughable – the Saudi monarchy reportedly spent a whopping $100 million for Saturday’s show. This will be music to the ears of all TKO shareholders that Emanuel has taken such good care of.
advertise
But what about the bigger question: Does it matter that WWE is selling one of the most storied events in its history to the highest bidder—thus entrenching the promotion deeper into a relationship with a repressive Middle Eastern country whose involvement has historically not been popular with much of the fanbase?
By now, we all know the format of the WWE-Saudi deal, in which the oil-rich Gulf state pays top dollar to host events, and in return, WWE deliberately ignores some of the less positive aspects of the Saudi regime (notably its atrocious human rights record and complete lack of political freedoms). To be fair, the partnership is now in its eighth year, and given the broader sporting landscape of 2026, it seems likely that the risk is less at this point. But this weekend’s Royal Rumble still represents a massive escalation and the potential to reopen some old wounds.
To understand how the big picture is changing, just look at the numbers above, how much the Saudis reportedly paid for the battle royal: $100 million. If accurate, that’s double what they spent on previous Saudi campaigns. It could also be 10 times what Indianapolis would pay if it hosts the Rumble in 2025.
However, that’s nothing compared to what’s about to happen, with Saudi Arabia reportedly spending up to $250 million to host next year’s WrestleMania. From this perspective, WWE all Live event revenue will be $338 million in 2024; now, they can potentially make almost as much just by attending a weekend event.
advertise
Of course, this is a huge boost to WWE’s coffers. But it also makes the company more financially dependent on Saudi Arabia than ever before. Add in the additional Saudi PLEs we expect to see emerge in 2026 and 2027, and the Saudis will suddenly become the second-largest buyer of WWE content, behind only Netflix (which spends approximately $500 million per year under the agreement).
Is it wise to be so dependent on one partner? There’s presumably a reason why entities like the UFC and Formula 1 tend to spread their bets when it comes to foreign partners, often collecting venue fees from multiple countries to stage events throughout the year. This means that if a partner decides to leave, there won’t be a huge hole in your account.
advertise
Sure, the Saudis seem to be head over heels for WWE right now, but the change isn’t unbelievable. What if Turki Alasheikh suddenly undergoes a U-turn when it comes to wrestling leadership? Or what if the Saudi leadership is cold towards Turki himself? In Riyadh, this isn’t something you want to speculate on, but in an absolute monarchy, it’s not entirely impossible.
But more importantly, there’s a larger philosophical question: what it means to bring WWE’s biggest show to Saudi Arabia. The annual WrestleMania stadium event has been an integral part of WWE for decades, often drawing tens of thousands of home fans like the Super Bowl or World Series. What does it mean to ship it to Riyadh?
What if Saudi Arabia wants to go even further and pay $1 billion a year to host the Rumble, WrestleMania and SummerSlam, leaving North American fans to attend the smaller, single-night PLE events that have been held in Saudi Arabia in the past? This may seem like a far-fetched assumption now, but we have already seen the Saudis increase their contributions significantly at one time.
No doubt Emanuel and WWE President Nick Khan have considered these things and other risks. For example, how involved is WWE expected to be in promoting other Saudi businesses? After all, when you become so dependent on one client – as TKO is with Alasaikh and the Saudi government – you end up becoming an inadvertent partner in their other ventures.
advertise
Currently, there is no indication that WWE fully believes in its partnership with Saudi Arabia. It may be unpopular, and it’s certainly not without risks. But with a reported nine-figure set to be lined up this weekend, they’re not slowing down just yet. Happy Riyadh season to everyone.
