Crown Jewel remains set for November 7 in Riyadh despite the escalating armed conflict in the Middle East.
WWE appears willing to go ahead with the event in Saudi Arabia, even though the conflict should be enough to prompt an immediate change of plans.
The situation has become extremely concerning. Missile and drone attacks on Saudi airports left people dead and injured, and the U.S. State Department has since kept its travel advisory for Saudi Arabia at Level 3. On Friday, the department ordered the departure of non-emergency diplomatic staff and their families.
It’s hard to see why WWE is still planning to send wrestlers and staff to Saudi Arabia when the U.S. government itself considers it necessary to pull out some of its personnel.
Other organizers have recognized how serious the situation is. Of the three major events scheduled for Riyadh, the Six Kings Slam tennis exhibition has been postponed, and the UCI Urban Cycling World Championships have been canceled. But Crown Jewel is still on the schedule.
The financial stakes for TKO are clearly enormous.
Crown Jewel accounts for roughly $45 million to $50 million of TKO’s fourth-quarter results. Guggenheim has estimated that canceling three WWE and UFC events in the Middle East could cut TKO’s EBITDA by as much as $90 million.
Canceling the shows could also cause major friction with the Saudi government and jeopardize a multimillion-dollar partnership that includes WrestleMania 43 in 2027.
Ari Emanuel recently said the situation is being monitored daily. He also said there are options to relocate the event.
But monitoring the risks does not mean eliminating them. Even with specialized security teams, no one can guarantee there won’t be more attacks.
WWE should immediately announce that Crown Jewel is being postponed or relocated. No financial reason could outweigh a tragedy involving its people.
That decision could cost TKO millions of dollars. But knowingly putting people at risk when alternatives exist would be far more irresponsible.