George Barrios, the former co-president of WWE, has recently discussed WWE’s choice to continue hosting events in Saudi Arabia following the murder of journalist Jamal Khashoggi. In his new book, Sometimes Wrong but Never in Doubt: How a Cuban Kid from Queens Transformed WWE, Barrios provides insights into his time at WWE and the decision-making process behind the controversial deal with the Saudi government.
WWE’s Saudi Arabia Partnership
In January 2018, WWE entered into a significant ten-year agreement with Saudi Arabia’s General Sports Authority. This partnership kicked off with the Greatest Royal Rumble event. However, as Barrios recounts, the negotiations were protracted due to the Saudi propensity for haggling. Complicating the deal was the mysterious disappearance of Khashoggi, a prominent journalist known for his critical voice against the Saudi regime.
Khashoggi vanished on October 2, 2018, after entering the Saudi consulate in Turkey. The CIA later concluded he was murdered on the orders of Saudi Crown Prince Mohammed bin Salman. Despite the international outcry and sanctions imposed against several individuals in Saudi Arabia, the Crown Prince remained untouched. Barrios reflects on the gravity of the situation, acknowledging that Khashoggi’s disappearance raised serious doubts about WWE’s commitment to the Saudi deal.
The Decision to Proceed with Events
Despite the turmoil surrounding Khashoggi’s murder, WWE decided to hold its Crown Jewel event on November 2, 2018, in Riyadh. This decision faced significant pushback, especially as other organizations withdrew from similar commitments. During this time, Ari Emanuel, currently the CEO of TKO, returned a $400 million investment from the Saudi government, demonstrating the widespread fallout from Khashoggi’s death.
Barrios recalls how he, alongside Vince McMahon and Michelle Wilson, debated the ethical implications of moving forward with the deal. While they acknowledged the potential risks—particularly in light of Khashoggi’s death—Barrios believed the deal was too beneficial for WWE to abandon. McMahon was especially wary, aware of the possible repercussions but ultimately faced with the reality of a lucrative partnership.
Impact on WWE’s Stock and Future
The fallout from Khashoggi’s murder also had a noticeable effect on WWE’s stock. In September 2018, shares were valued at around $93 but plummeted below $70 after Khashoggi’s death, only recovering to previous levels in early 2023. During this tumultuous time, Barrios, who joined WWE in 2008 and became co-president alongside Wilson, experienced firsthand the volatility resulting from external factors.
Both Barrios and Wilson were eventually let go in January 2020, leading to a significant decline in WWE’s stock. Their roles were later filled by Nick Khan. However, in January 2023, Barrios and Wilson rejoined WWE’s board amidst a power struggle initiated by Vince McMahon. This return coincided with ongoing legal challenges for WWE, including a shareholder lawsuit where Barrios is listed as a defendant.
By documenting this complex chapter in WWE’s history, Barrios sheds light on the intricate balance between ethics and profitability in the world of professional wrestling. As WWE navigates its future and the controversies that surround it, these insights serve as a crucial reminder of the impact real-world events can have on global brands.