If Vince McMahon is looking to sell WWE, there's at least one potential bidder who could get in the mix he knows very well.

Per Michael McCarthy and A.J. Perez of Front Office Sports, Saudi Arabia's Public Investment Fund is "emerging as a possible bidder" for the wrestling promotion if it goes on the market.

In an SEC filing released on Friday, McMahon officially returned to the company on the board of directors with former WWE co-presidents George Barrios and Michelle Wilson also returning as board members.

The 77-year-old remained the controlling shareholder for WWE even after announcing his retirement in July. He walked away from the company in the wake of Joe Palazzolo, Ted Mann and Joe Flint of the Wall Street Journal reporting McMahon paid four different women a total of $12 million to remain silent about sexual relationships he had with them, as well as allegations of sexual misconduct against him.

Per Lauren Thomas of the Wall Street Journal, McMahon's decision to return was sparked by his desire to potentially explore a sale of the company as WWE begins to renegotiate its media rights deals.

In a statement released on Friday, McMahon offered some insight into why he decided now was the right time for him to return:

"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms. The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."

WWE's current television contracts with NBCUniversal and Fox are set to expire in 2024. John Ourand of the Sports Business Journal recently suggested NBCUniversal could extend its deal to keep Raw on USA and potentially sign SmackDown away from Fox as part of a precursor to buying the entire company.

McMahon and WWE were among the first sports organizations to get into business with Saudi Arabia as part of the country's "Saudi Vision 2030" development program designed to reduce its dependence on oil production to drive its economy.

The effort has also led to accusations Saudi Arabia is attempting to buy positive press from "sportswashing" to improve its overall reputation around the world. The Private Investment Fund allocated $1.8 billion to sports in 2020 alone.

WWE announced a 10-year agreement to hold events in Saudi Arabia in 2018. The two parties expanded their deal in 2019 to hold two large-scale events in the country every year.

McMahon has owned WWE since 1982 when he bought the promotion from his father.

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