Former WWE co-president George Barrios has opened up and explained the promotion’s decision to continue its relationship with Saudi Arabia after Jamal Khashoggi’s murder.
In January 2018, WWE announced its ten-year deal with the General Sports Authority of Saudi Arabia to run events in the country. The deal marked its start with the Greatest Royal Rumble.
“Our negotiations dragged on because the Saudis are notorious hagglers. By 2018, despite having made great progress, we were struggling to get the deal over the finish line. Complicating matters was the disappearance of Saudi journalist and dissident Jamal Khashoggi,” Barrios wrote in his book.
On October 2, 2018, Washington Post contributing columnist Jamal Khashoggi was seen entering the Saudi Arabian consulate in Turkey but never exited. The CIA later concluded that Khashoggi had been murdered on orders from Crown Prince Mohammed bin Salman. Sanctions were imposed on seventeen Saudis, but not bin Salman. Five individuals received the death penalty, three were imprisoned, and three were acquitted.
“As outraged as I was by what happened, I still defy anyone to argue they understand who was truly at fault. All I know is that on our end, Khashoggi’s disappearance called into question our deal with the Saudis,” Barrios further wrote.
Despite Khashoggi’s murder, WWE decided to run its Crown Jewel event on November 2, 2018, in Riyadh, Saudi Arabia. While major backlash surfaced and several other companies pulled out of Saudi Arabia, WWE went ahead with its planned event.
“Vince (McMahon), Michelle (Wilson), and I spent a great deal of time debating the pros and cons of moving forward. Vince in particular was deeply uncomfortable with the uncertainty surrounding the events. In my opinion, we couldn’t walk out on the deal. It was too worthwhile for WWE. But Vince kept shaking his head. “This thing with Khashoggi. Doing the deal could be the biggest risk we’ve ever taken with the company. ‘Vince, listen to me”, I said. “I understand how serious this is. But no one really knows what’s going on,” Barrios detailed in his book.
After Khashoggi’s murder, WWE’s stock fell to less than $70 from its previous $93. Unfortunately, the numbers never fully recovered until the promotion signed a new deal with TKO in 2023.
Barrios joined WWE in 2008 and eventually became co-president with Michelle Wilson. However, the two were let go in January 2020. WWE has since then expanded its partnership with Saudi Arabia, with regular two annual events in Saudi Arabia, as well as an upcoming WrestleMania in 2027.
We have the largest issue of the Wrestling Observer Newsletter in our history up on the site covering two very newsworthy weeks:
Full coverage of Full Gear. The good, the bad, the reaction, the business notes, reasons for the surprisingly good PPV number, thoughts on the world title change, long title reigns and how they create legends, and early Continental Classic thoughts.
Notes and odds regarding upcoming matches
UFC announces its first two shows of 2026, changes that the company is making and why the first two main events are so controversial
Full coverage of UFC 323
The life and times of Bob Caudle, the voice of Mid Atlantic wrestling and a Hall of Fame candidate
A detailed look at how and why the ratings have changed, why the explanation makes no sense, exactly how much the new panel and big data ratings have hurt each show and in particular where.
The most in-depth look at the ratings for all the shows over the past two weeks, placings for the week, placings in the time slot, men vs. women, how the placings compare to 2024 and 2023, and each show compared with the prior year and prior week, as well as the leading competition for each show.
Claudio Castagnoli, Wheeler Yuta, Daniel Garcia, Komander, Mortos, Mike Bailey and Kevin Knight go to CMLL, draw big crowds and a look at their key matches
CMLL ready to honor a milestone it is close that no company has ever done in history
Notes on AAA’s new TV deal in Mexico and Latin America and who they are pushing as the top stars
WWE tag team taking the name of one of Mexico’s greatest tag teams in history
Updates on tag team tournaments in Stardom, New Japan and All Japan.
Wrestler suspended after getting in car accident and messing up a tournament
Update on Tokyo Dome ticket sales
Fantastica Mania 2026 notes
Battle of the Generations
RAF new philosophy and update
Santo’s final matches
Sting’s son has first singles match
Headbangers farewell tour
The oldest male wrestler in history has a match last week
Opera Cup notes
TNA business notes as well as notes on the next PPV show and the last major show
AEW TV changes
Final Battle updated card
Tony Khan on multiple subjects
Ticket sales for upcoming WWE, AEW and TNA shows
Two best in the world at their specific sport athletes are on UFC’s radar
Becky Lynch’s comments
Update on stockholders lawsuit against WWE
New WWE signings
WWE star talks about her domestic violence issue
WWE engagements
Bret Hart talks McMahon and Michaels and our thoughts on it
Bayley thanked Charlotte Flair for stopping by the free seminar she’s holding in Orlando this week and spending some time with the attendees: “Thank you @MsCharlotteWWE for spending your morning with the Lodestone Women before flying out to Smackdown”
Charlotte responded to Bayley: “Bayley……. YOUR commitment to elevating women’s wrestling is unmatched, and it pushes all of us to raise the bar. thank you for the opportunity…. KEEP DREAMING & working hard ladies”
Fox News Digital asked Logan Paul if he could see President Donald Trump attending John Cena’s last match on December 13 in Washington, D.C.:
We (Paul and his friends) have talked about it. I have no idea. It seems like something that could happen. I think it’d be awesome. But I don’t know how political the WWE wants to get, so I’m not sure.
Becky Lynch celebrated her daughter Roux’s fifth birthday: “5 years ago, the world was introduced to the GREATEST child of all time. It’s not just me saying it, everyone is saying it. My HOT husband says it! (Sports Illustrated might have mentioned it)”
Paul “Triple H” Levesque wished Jelly Roll a happy 41st birthday: “Music icon. WWE superstar. Inspiration. Proud of the many challenges he’s faced and overcome and even prouder to call him a friend. Happy birthday @JellyRoll615!”
On social media, AJ Styles responded to a fan who claimed that he and Dragon Lee stole a tag team move from The Young Bucks: “In Prowrestling you can’t claim moves. They may be your signature, but those are still open to the public. Any confident wrestler wouldn’t ever change that. Calm down guys.”
Former WWE executive George Barrios is writing a book titled “Sometimes Wrong but Never in Doubt: How a Cuban Kid from Queens Transformed WWE.” It will be released in June 2026:
George Barrios helped transform WWE from an $800 million wrestling company into a $9.3 billion global sports and entertainment powerhouse. For the son of Cuban immigrants who grew up in a cramped Queens apartment near LaGuardia Airport and nearly flunked out of high school, the climb to the corporate boardroom was anything but obvious.
Barrios’s story blends grit, reinvention, and bold bets. He went from a 2nd grader forging a letter from his parents so the nuns wouldn’t expel him to the highest levels of corporate leadership. As WWE’s longtime strategist, he pioneered streaming years before other sports properties caught up and helped make WWE the #1 sports brand on YouTube with over a billion followers.
When Vince McMahon abruptly fired him in 2020, Barrios cofounded Isos Capital—and three years later, McMahon called him back. The Cuban kid from Queens had become indispensable.
Sometimes Wrong but Never in Doubt offers:
A framework for spotting undervalued assets and transforming legacy businesses.
Hard-won lessons on navigating corporate politics and surviving setbacks.
A masterclass in disrupting before being disrupted – and betting on conviction when everyone else doubts your vision.
This is both an immigrant’s story and a playbook for entrepreneurs and executives seeking to stay ahead of the curve – proof that preparation, persistence, and courage can change everything.
Punk said that, when he wore Randy Savage tribute gear in 2011, an unnamed higher up in WWE told him that he shouldn’t do that – but Punk wore it anyway:
Unfortunately, just before this picture, the legendary ‘Macho Man’ Randy Savage passed away. So I wanted to pay homage to a classic pair of gear – twofold really. You know, pink looks great on me – and this is an homage to the gear he wore at WrestleMania III taking on Ricky ‘The Dragon’ Steamboat.
Now, I commissioned my gear maker at the time to make this gear. And I won’t name names, but somebody very high in the office walked past and saw it and found me and said, ‘Do not wear that gear on television.’
And I said, ‘You got it.’ And I wore the gear on television, because that’s what I do. I’m going to pay homage to Randy Savage whether you like it or not.
As a fan, Macho Man to me was, you know, I’m a hardcore wrestling fan, so we tend to gravitate toward the guys that we feel aren’t getting the spotlight we think they deserve. We maybe feel like, ‘Oh, Macho should’ve been in Hogan’s spot.’ And really, that kind of passion that I had as a fan, and that fans in turn have for me, is really what has propelled me throughout my career.
Other Wrestling
Swerve Strickland attended The Root 100 Gala in New York City last night and took a photo on the red carpet with CBS broadcaster Gayle King.
While speaking with NJPW’s English-language website, Kazuchika Okada addressed whether his match against Hiroshi Tanahashi should main event Wrestle Kingdom 20:
I’ve always thought that the IWGP title should absolutely go on last, but in a situation like this Tanahashi’s last match should absolutely go on last. That’s what people are coming to see. Maybe this is pushing it a bit but it’s kind of like eating your meal, having dessert and then in comes a second entree. People might be stuffed, but even then, maybe because of that I like the main event better.
Zilla Fatu remembered his late father Umaga, who passed away on this day in 2009: “Today be a sad day for me …. I miss you pops”
Hard to believe it’s been 16 years. I still remember getting the call from D-Von, telling me that one of my closest friends, Ekie, better known to the world as Umaga, was gone. At first, it didn’t register, but within minutes, the reality hit, and the tears came.
Ekie was one of the first guys to welcome me when I stepped into this business. Even after I left WWE, he was one of the few I stayed in close contact with. He was more than a colleague; he was family.
Thank you, Ekie. Miss you every day. Rest easy, brother.
The WWE had one major change and hints of a second one when it comes to business, which led to a major drop in the stock price.
WWE announced suddenly on 1/31 that co-Presidents George Barrios and Michelle Wilson were no longer with the company. No replacements were announced, and no substantive reason was given past there was a disagreement regarding the future direction of the company.
Barrios in particular had been the face of the company to the major stock analysts, who saw his departure as leading to major uncertainty. The departure also included notification that the financial numbers for the fourth quarter would be at the low end of projections.
“As you know, the board and I recently announced a management transition,” said McMahon. “This decision did not reflect a change in our strategy. It was made after careful consideration. We remain highly focused on growing the value of our content, furthering international expansion, and engaging fans across all platforms.”
We’re looking for reports from Tulsa tonight with the dark matches at the WWE Smackdown tapings and NXT in Citrus Springs, FL to [email protected]
We’re also doing polls this weekend for both New Japan shows in Sapporo, thumbs up, thumbs down or thumbs in the middle along with a best and worst match to [email protected]
No WWE house shows this weekend. It’s the new deal. House shows lose money so they are cutting way back on them.
CMLL TONIGHT AT ARENA MEXICO AT 9:30 P.M. ON THE CMLL YOU TUBE PAGE
Robin & Arkalis vs. Akuma & Espanto Jr.
Drone & Fuego & Diamond vs. Kawato San & Okumura & Virus
Stuka Jr. & Atlantis Jr. & Star Jr. vs. Negro Casas & Mephisto & Ephesto
Soberano Jr. vs. Templario
Angel de Oro & Titan & Niebla Roja vs. Gilbert el Boricua & Euforia & Gran Guerrero
A look at the current WrestleMania card, as well as what big name is being talked with, what big name is not on the card, as well as the Royal Rumble decision making is the lead story in the new issue of the Wrestling Observer Newsletter.
We also have complete Rumble coverage including a table with each participant, how long they were in, eliminations, number of entry and exit and more. We look at Vince McMahon’s change in the winners in the last week, the stories told in the Rumble, why the winners were changed, the return of Edge, his new contract, how he got such a big deal, the WWE injuries, the Andrade drug test failure, those who were not in the Rumble and why, business notes on the way and what are expected to be the biggest wrestling crowds of the year. We also look at viewer interest in the show, the interest as compared to the UFC 246 show, plus match-by-match coverage with star ratings and poll results.
The new issue also covers:
The sale of Pro Wrestling NOAH to CyberAgent, more on big companies buying wrestling franchises, plans for NOAH under the new ownership and the relationship with DDT as it stands right now.
UFC 246, with show notes, business notes and match-by-match coverage.
Worlds Collide with match-by-match coverage, star ratings, business notes and what did and didn’t work on the show.
Changes in the WWE house show business and why. We look at both the positive and negative of it. We also look at the behavior of Vince McMahon at the Rocky Johnson funeral, the incident with Brock Lesnar and Matt Riddle, new contracts signed, wrestler asking for her release, WWE Canadian numbers, Charlotte Flair talks Kairi Sane concussion, new WWE signees, the most-watched shows on the WWE Network and house show coverage.
New Year’s Dash from New Japan, the Jushin Liger retirement ceremony, match-by-match coverage with star ratings and the angles coming out of the show.
A bio on Hercules Ayala, one of the biggest stars of the glory days of Puerto Rican wrestling, covering how he started there, his work outside Puerto Rico, how he first got into Stampede Wrestling, his biggest matches on major stadium events including major bouts with Ric Flair and Randy Savage, his heel turn with Carlos Colon, the aftermath of the death of Bruiser Brody and how he was used to try and get the business back.
NWA Hard Times PPV show.
A bio on Carlos Rocha, the Portuguese star who was one of the biggest drawing cards in North America in 1971 and 1972 with his bloodbaths against The Sheik and Abdullah the Butcher. We look at those feuds as well as look back at The Sheik in Toronto during the period when he was one of the biggest single city draws in pro wrestling history, and how his undefeated streak put limits on the Rocha feud. We look at how Sheik vs. Rocha was the biggest drawing Toronto feud of the era, and why he outdrew Andre, Bruno, Bobo Brazil and all the other major Sheik foes in Toronto. We also look at his return to North America and his retirement run in the WWWF.
Regarding the Wednesday numbers, we’ve got full details, demos that each side won, how every segment did and what match ended up as the difference maker.
Full coverage of all the WWE and AEW television shows from the past week.
In-depth looks at the ratings of all the major shows, the key demos and quarters for AEW and WWE, what happened head-to-head and what can be learned from them.
Results of all the major pro wrestling events around the world over the past week.
ORDERING INFO: Order the print Wrestling Observer right now and get it delivered via mail, by sending your name, address, Visa or Master Card number and an expiration date to [email protected] or by going to www.paypal.com directing funds to [email protected].
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FRIDAY NEWS UPDATE
There really isn’t a lot more on Vince McMahon’s firing of co-Presidents Michelle Wilson and George Barrios yesterday. It came out of nowhere. Those in the company have no answers as to why. Stock insiders claim it was due to a disagreement regarding investing money into the company. The profit margin for the fourth quarter and the year is at the low end of projections, and for the year, was down $20 million from the original guidance. WWE said yesterday that annual OIDBA will be around $180 million, at the beginning of the year they projected $200 million. In October they changed that projection to from $180 million to $190 million. Keep in mind the original guidance for the year only had one Saudi show and no NXT television revenue worked in. Both did sell millions of dollars of WWE stock back in July. President of WWE is a tough position because everyone in it gets dumped, and even Vince’s own wife didn’t last in that position. It’s always said when you work too closely with Vince, and are not family, you are going to have a shelf life.
The stock closed today at $48.88 per share, down $13.42 per share from yesterday’s close. It’s an overreaction because the reality is the key TV deals are still in place for years and the company is idiot proof as far as making money for years. That said, Wall Street was stunned and a lot of questions regarding earnings being lower than expected were being asked. And Wall Street doesn’t even know about the house show cutback or the decline in the interest of the Rumble. Another big thing will be the network subscription number on 12/31 which will be announced in six days. It is possible it could fall below 1 million if it stays above 1 million, it will be a sign that putting NXT on television had no real effect on network numbers. But that’s an if.
Analysis have had very divergent views of the stock. Morgan Stanley has just its projected price to $54, Evercore ISI to $50 and Loop Capital to $50. But MKM Partners still lists a projected price of $92.
WWE announced that Frank Riddick III, who will be the interim CFO until they find a permanent person for the spot, will be paid $33,333.33 per week.
Bret Hart announced that he will be having surgery to remove basal cell carcinoma, a form of skin cancer.
WWE
Roku and FOX are at a negotiations stalemate. Roku’s distribution deal ends tonight. Roku claims they have been unable to reach a new deal with FOX and FOX also declined an extension to the current deal.
UFC
Diego Sanchez was suspended for three months for testing positive for Ostarine and S-23 from a test that came back on 10/26. That means his suspension is already over. Sanchez had one of his supplements tested and both substances showed up and thus his suspension was only three months instead of two years since that indicated inadvertent usage.
Similarly, Ovince Saint Preux tested positive for Ostarine and di-hydroxy-LGD-40-33 and two other drugs in an 11/1 test. He submitted his supplements to be tested and they showed the supplements contained the banned substances. He also was given a three month suspension which is also now over.
Blagoi Ivanov vs. Augusto Sakai has been added to a 5/9 PPV show from Sao Paulo, Brazil. Marion Reneau vs. Ketlen Vieira was also agreed to on the how according to an original report from MMA Junkie.
Cody Stamann vs. Raoni Barcelos is earmarked for the 3/28 show in Columbus, OH.
AEW
Riho and other women from Stardom were on this week’s episode of S.W.A.T. on CBS. The team had to go to Japan to transfer a prisoner who escaped and Riho played the prisoner’s girlfriend. She played a wrestler and there were wrestling scenes in the show.
MISCELLANEOUS
Mistico will be out two to three months after surgery to remove a screw that came loose stemming from a 2014 surgery when he broke his leg. Doctors put a rod in his leg to help heal it and one of the screws became loose. They had been building a Mistico vs. Gran Guerrero big match that will have to be put on hold.
Defy has its third anniversary show tonight in Seattle at Washington Hall with the Jurassic Express from AEW, The Strong Hearts form AEW, Killer Crown, plus Schaff vs. Artemis Spencer in a ladder match and Josef Samael & Jacob Fatu vs. The Amerikan Gunz in a tag team title match.
Impact announced that there will be an Ultimate X match on its 4/3 show in Ybor City, FL.
CWO on 2/9, 2/17 and 3/12 at The Rockpile Bar & Nightclub in Toronto.
All Star Wrestling on 2/29 in Vancouver, BGC at the Maritime Labour Centre.
Combate Americas on 2/21 in Mexicali, Baja California which will air on Univision, Univision Deportes, AXS in the U.S. and Televisa 5 in Mexico. The main event has Rafa Garcia (11-0) vs. Humberto Bandenay (18-7, 1 no contest) for their lightweight title, plus Yasmine Jauregui (4-0) vs. Karen Cadillo (4-1).
River City Wrestling on 2/8 in San Antonio at The Grand Event Center.
559 Fights on 2/8 in Orange Cove, CA at the Community Center will crown a middleweight champion with Jared Velasquez (4-3) of Orange Cove against A.J. Perez (3-1) of Fresno.
WWE announced a big management shakeup today, with two members of their leadership no longer with the company.
A press release that was issued this afternoon revealed that co-presidents George Barrios and Michelle Wilson are gone from WWE effective immediately and will no longer serve on the company’s board of directors.
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization,” Vince McMahon said in the press release. “I am grateful for all that was accomplished during their tenure, but the Board and I decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward.
“We have a deep team of talented, experienced and committed executives across the organization, and the Board and I have great confidence in our collective abilities to create compelling content, engage our global fanbase across platforms, increase revenues, and drive shareholder value.”
WWE noted that Frank A. Riddick III has been named the company’s interim Chief Financial Officer. The company has begun a search for a permanent Chief Financial Officer and Chief Revenue Officer.
Riddick has been on WWE’s board of directors for more than 11 years.
Barrios and Wilson were promoted to co-presidents and appointed to WWE’s board of directors in 2018.
As of this writing, WWE stock is down 20 percent in after hours trading.
WWE will announce their fourth quarter and full year 2019 earnings results next Thursday.
The subject of Ronda Rousey’s contract was probably the biggest news outside of the financial figures covered at the WWE investors call this morning, along with strong hints regarding multiple suitors for the television deal that expires in the United States in September 2019.
Paul Levesque said that they are finalizing the Rousey contract right now and that it was a multi-year deal. WWE will be her priority and will be the first option on her schedule. He said that Rousey wants to be part of the DNA of the WWE.
The other major news was that George Barrios and Michelle Wilson have been promoted to Co-Presidents of the company. Vince McMahon will remain as CEO. McMahon insisted once again that with the start-up of the XFL, that his duties in WWE will remain unchanged and that the league would be run by football people.
As far as the numbers went, WWE produced more revenue in the fourth quarter, at $211.6 million, than ever before, but overall profits were down. WWE profits for the quarter were $4.8 million, although that was largely due to $18.9 million in income taxes in the quarter. In 2016, the quarter generated $194.9 million in revenue and $8.0 million in profits, but the tax was $4.8 million.
For the year, WWE produced a record $801 million in revenue and generated $32.6 million in profits. In 2016 they generated $729.2 million in revenue and $33.8 million in profits.
The stock at this writing is up 70 cents per share to $34.69.
The decline in profits was due to a one-time charge of $11.3 million from the enactment of a new tax law, $10.9 million of which was a non-cash charge due to the remeasurement of deferred tax assets and $400,000 regarding foreign earnings.
However, Donald Trump’s new tax law change will greatly benefit the company in 2018 and lead to a significant increase in profits. It is a virtual lock that profits will finally break past the pre-Network numbers in 2018.
So while profits were slightly down this year, normalized they would have been up, although still below pre-Network years.
For the year, profitability was up in most segments, with the key being television, which will grow in revenue in 2018 due to escalators in the television contracts, and is expected to grow greatly in 2020 when new contracts are in effect.
WWE was hinting of multiple suitors to drive the television deals up that are currently in negotiation. As reported in the new Observer, negotiations going on with UFC for a new television deal have seen money offers significantly increase even with greatly declining ratings. WWE’s ratings currently are steady from the past year.
For the year, only home entertainment, arena merchandise, and the movie division showed decreased profits.
In the fourth quarter, there were declines in profits of arena events, largely due to running two fewer shows and mostly due to a significantly less successful European tour. Also down were profits in arena merchandise and a slight decline in WWE Shop profits even though revenue in that sector was up.
On December 31st, the WWE Network had 1,065,000 U.S. subscribers, 406,000 subscribers outside the U.S., and 76,000 people getting it for free, for a total of 1,547,000. One year earlier, the Network had 1,033,000 U.S. subscribers, 370,000 subscribers outside the U.S., and 70,000 people getting it for free, for a total of 1,473,000. The outside growth was due to it being available in more places.
As far as paid numbers, they were almost identical with our predictions of 1,068,000 in the U.S.
During the fourth quarter, there were 413,000 people who dropped the Network and 377,000 who added, for an overall decline of 36,000. Last year’s fourth quarter saw a decline of 41,000.
