Raine To Receive $65 Million For Advising WWE On Endeavor - UFC Deal

The banking group advising WWE on its upcoming merger with Endeavor's UFC is set for a major pay day once the deal closes later this year. According to The Financial Times, Raine Group is set to make $65 million from the deal, which is expected to complete in the second half of 2023. The U.S. banking group was started by former Goldman Sachs banker Joe Ravitch and Morgan Stanley and former UBS banker Jeff Sine in 2009. Sine has worked with WWE Chairman Vince McMahon and Linda McMahon over the last 20 years, having advised them on other large transactions such as the relaunch of the XFL in 2020. Banking groups from JPMorgan and Moelis are also set to rake in $25 million each.

The deal was agreed upon early last month during WrestleMania 39 weekend, according to several reports. McMahon briefly retired from his role as WWE Chairman last year amid sexual misconduct investigations, before usurping the position back from his daughter, former WWE Chairwoman Stephanie McMahon, earlier in 2023 in hopes of selling the pro wrestling company. The longtime WWE owner announced the deal after WrestleMania 39, telling CNBC that "things have to evolve and that "family businesses have to evolve for all the right reasons."

McMahon first purchased what would become WWE from his father in 1982. The board of directors for the soon-to-be merged company is said to have 11 seats, made up of six representatives from the UFC and five from WWE, according to CNBC.