TKO President Mark Shapiro addressed major concerns about hosting WrestleMania 43 overseas amid the ongoing war.
During the recent TKO Q3 Earnings call, Shapiro said that the risk of hosting events in Saudi Arabia is minimal right now. However, he acknowledged that the world is an unpredictable place. So, if WrestleMania 43 had to be moved out of Riyadh, Saudi Arabia, next year, TKO would still be paid the full amount committed to them under their contract. In fact, Shapiro revealed that their Saudi partners had already paid them half the amount, so the company was in a profitable spot.
So, just a week ago, you’re talking about dropping more bombs, and now they’re talking about wrapping up. Who knows what’s real and what’s true, or just proceeding forward with our partners as if these events will go off without a hitch, and I would just add for those of you that are concerned about if this extends further, does this put WrestleMania which is in Saudi next year at risk, 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, and if and when our event ever had to be moved because it would never be cancelled, we will 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.
Shapiro also added that TKO already has a long list of cities planned if WrestleMania 43 had to be moved out of Saudi Arabia. However, in that case, the company would not be paid F.I.P., i.e Site Fee / Tourism Incentive Premium.
As far as contingency goes, it’s a long list of cities, primarily in the U.S., that we would move a WrestleMania to. Of course you wouldn’t get the F.I.P. because it would be last minute. But nonetheless, we’d get the sell-out.
Despite the current war situation, TKO is moving ahead with WWE Crown Jewel, set for November 7, featuring top names like Cody Rhodes, Roman Reigns, and more. However, they have moved the event to a new venue, from KAPD to The Venue in Riyadh.
With the Premium Live Event approaching, it will be interesting to see how it influences TKO’s decisions for future events.
