The wrestling world is buzzing over a newly revealed chapter in the recent history of its two biggest promotions. Court documents related to an ongoing shareholder lawsuit have surfaced, revealing that AEW President Tony Khan made a serious bid to purchase WWE during the 2023 sale process, a move that could have dramatically reshaped the professional wrestling landscape. The revelation adds a fascinating “what if” scenario to a period already marked by significant change in the industry.
The attempt by Khan, owner of All Elite Wrestling, came before Endeavor Group Holdings ultimately secured the deal to merge with WWE, forming TKO Group Holdings as reported by eWrestlingNews. The details emerged from filings highlighted by Brandon Thurston, shedding light on the competitive bidding war that unfolded behind the scenes. This wasn’t a casual inquiry; it was a formal offer to acquire one of the most recognizable brands in sports entertainment.
A Lesser-Known Entity: Base 10 and the Khan Bid
Even as Tony Khan’s name doesn’t appear directly in the court documents, the connection is clear. The bid came from a company called Base 10, which the filings describe as “the owner of All Elite Wrestling, a professional wrestling promotion that plainly would enjoy significant synergies with WWE.” POST Wrestling first reported the details of the bid. Base 10 was incorporated in 2014 and operates as a separate entity from Beatnik Investments, LLC, another company linked to the Khan family.
The financial details outlined in the filings show that Base 10’s offer came in at approximately $6.9 billion. This was notably lower than the other bids submitted, including those from Liberty Media and KKR. The ultimate winning bid, from Endeavor, took a different form altogether.
All-Cash vs. All-Stock: A Key Difference in Proposals
A significant distinction between the bids lay in their structure. Endeavor’s successful proposal was an all-stock deal, meaning investor shares were converted into TKO stock. Base 10, along with the other bidders, structured their offers as all-cash transactions. This difference in approach may have played a role in the outcome, offering Endeavor a potentially more flexible and advantageous financial arrangement.
Further complicating matters for Base 10, Brandon Thurston noted that the other bidders were granted access to a “data room,” providing confidential, nonpublic information about WWE as part of the due diligence process. There is no indication that Base 10 received the same access, a potential disadvantage that could have been linked to the lower valuation of its bid or, potentially, concerns stemming from Khan’s ownership of a direct competitor in AEW.
The Landscape Had the Bid Succeeded
The revelation of Khan’s bid raises intriguing questions about what the professional wrestling landscape might look like today had the outcome been different. A combined AEW-WWE under the ownership of Tony Khan would have represented a seismic shift in the industry, potentially altering the competitive dynamics and creative direction of both promotions. The possibility of integrating the rosters and storylines of the two companies is a scenario fans are now left to contemplate.
The sale ultimately resulted in the formation of TKO Group Holdings, a publicly traded company that oversees both WWE and UFC. As reported on Facebook by Dirt Sheet Radio, the merger has created a new powerhouse in the sports entertainment world.
The ongoing shareholder lawsuit continues to bring new details to light about the sale process, offering a glimpse behind the curtain of one of the most significant business deals in wrestling history. The next steps in the legal proceedings are expected to unfold in the coming months, potentially revealing further insights into the motivations and strategies of the various bidders.
As the wrestling industry continues to evolve, the story of Tony Khan’s bid serves as a reminder of the complex and often unpredictable forces that shape its future. Fans and industry observers will undoubtedly continue to analyze the implications of this revelation for years to come.
