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Photographer: Jake Holler for Bloomberg Businessweek

A Billionaire’s Son Battles a Turbulent WWE Over the Future of Pro Wrestling

Tony Khan’s All Elite Wrestling wants to unseat the wrestling giant, if Vince McMahon doesn’t do it first.

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Every Wednesday, Tony Khan sets up his makeshift office in the dark. On this particular evening in September, he’s at Arthur Ashe Stadium in the Queens borough of New York, maneuvering through a maze of scaffolding beneath a stage to get to his chair propped in front of a screen with 15 camera feeds. Khan scans between his scribbled notes and the pro wrestlers punching, grappling and suplexing each other in front of nearly 14,000 raucous fans, checking the clock for the upcoming commercial break and, with it, a rare lull in the drama. Pro wrestling is, after all, as much a sport as an elaborately plotted soap opera.

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