AEW boss linked to one of four serious offers in company’s sale
Summary
– Tony Khan’s company Base 10 submitted a bid to purchase WWE in 2023
– The offer valued WWE at approximately $6.9 billion, the lowest among bidders
– Endeavor ultimately won the deal, leading to the creation of TKO Group
Tony Khan made a surprising move during WWE’s 2023 sale process by attempting to purchase the company through a bid connected to his business group.
Newly revealed court filings tied to a WWE shareholder lawsuit show that Base 10, a company associated with Khan, submitted an official offer during the sale. The group was listed among four serious bidders involved in the process.
The filings confirmed that Base 10’s involvement was viewed as logical given its connection to All Elite Wrestling. A potential deal would have created a clear overlap between two major wrestling promotions.
Base 10’s bid was valued at approximately $76.83 per share, placing WWE’s total valuation near $6.9 billion. That figure came in below competing offers from other groups involved in the process.
KKR reportedly offered between $90 and $97.50 per share, while Liberty Media’s bid ranged from $95 to $100 per share. Endeavor ultimately secured the deal with an all-stock offer valued at $95.66 per share before projected synergies.
The final agreement resulted in WWE merging into TKO Group Holdings, with shareholders receiving stock in the new company. That stock has since increased significantly in value, rising to around $200 per share.
Reports indicate that Base 10 did not advance as far as other bidders in the process. There is no indication that the group gained access to WWE’s internal financial data, which was made available to the leading contenders.
The filings also suggest that Base 10 would have required additional financial partners to complete the purchase. This raised questions about how developed the bid was compared to others.
The lawsuit connected to the filings claims the sale process may not have been fully competitive. Shareholders allege that Endeavor had an advantage due to its willingness to keep Vince McMahon in a leadership role. WWE executives have denied those claims.
Khan is not directly named in the lawsuit, but records tie him to Base 10 as its sole listed officer. He declined to comment when asked about the situation.
Other rumored buyers, including major media companies and international groups, did not submit formal bids. The process ultimately came down to four serious contenders, including WWE’s top rival through Khan’s connection.
The revelation adds a new layer to WWE’s sale history and highlights how close the industry came to a dramatically different outcome.
