TKO’s Mark Shapiro said on Wednesday the company’s Middle East events are at very little risk of being pulled despite the ongoing war between the U.S. and Iran.
During Wednesday’s TKO investors call for the third quarter, Shapiro noted that none of the company’s shows have been interrupted this year and that three events are left in the Middle East through December. Those are WWE Crown Jewel on Saturday in Riyadh, the November 21 UFC Fight Night in Doha, and UFC’s return to Riyadh in early December.
“The risk is extremely minimal,” Shapiro said. “I think we’ve endured the tough climb thus far this year. We’ve had no events interrupted. We’ve staged all of our events in the Middle East flawlessly. We have three events left this year, one being November 7 with Crown Jewel, which should be a big one for us. We are all systems go.”
Saturday’s Crown Jewel will be WWE’s third and final PLE in Saudi Arabia this year. Since the U.S. began attacking Iran on February 28, WWE has held Night of Champions in June, also in Riyadh, without any issues.
But the most interesting part of what Shapiro said was about WrestleMania 43. The show is scheduled for April 2027 in Riyadh, and it will be the first time in history that WrestleMania takes place outside of North America. Shapiro said TKO has received half of the money from the deal with its Saudi partners, and it will get the rest if the show has to be moved.
“I would just tell you it’s at no more risk than it ever was, given that the world is an unpredictable place, but we have already been paid half upfront and received the funds from our partners in Saudi,” Shapiro said. “If and when our event ever had to be moved because it would never be cancelled, we would certainly and definitely see payment on the other half. So come rain or shine, we’re getting the other half payment. So we’re sitting in a good place.”
If the deal is worth $150 million, as Dave Meltzer reported on Wrestling Observer Radio, that means TKO has around $75 million in hand. That would be $20 million more than the $55 million Meltzer said WWE usually gets per regular PLE in the country.
Andrew Schleimer, TKO’s CFO, noted that the live gate goes to the Saudis, while TKO is paid a flat fee and doesn’t have to sell a certain number of tickets. That means TKO gets paid no matter how many people show up.
Shapiro also said there is a long list of cities, mostly in the U.S., that are willing to host WrestleMania 43. Because it would be a last-minute change, TKO wouldn’t get a site fee from the host city, but it would still sell out the show.
“As far as contingency goes, it’s a long list of cities, primarily in the US, that we would move a WrestleMania to,” Shapiro said. “Of course you wouldn’t get the FIP because it would be last minute, but nonetheless we’d get the sell out. So we have cities lining up kind of raising their hands, standing, willing, ready and waiting. And we’ll cross that bridge when we come to it, but frankly, we’re not concerned.”