"Considering the heinous crime committed at the Saudi consulate in Istanbul, the Company faced a very hard decision as it relates to its event scheduled for November 2 in Riyadh", the WWE acknowledged in its statement.
The event is surrounded by controversy after the WWE made a decision to go forward with it despite an American resident and Washington Post journalist being murdered earlier this month at Saudi Arabia's consulate in Turkey.
Professional wrestler Hulk Hogan attends the WrestleMania 30 press conference at the Hard Rock Cafe New York on April 1, 2014 in New York City.
Even wrestling fans are vocally denouncing the show.
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You have also deliberately undermined the safety of people of color, Muslims, LGBTQ people, and people with disabilities. More than half a century ago, when four young girls were killed in a Birmingham church by a racist's bomb, Dr.
Hogan was sacked from WWE in July 2015 after using racist language multiple times in a leaked video, but has consistently apologised since. This past July, Hogan was reinstated to the Hall of Fame, foreshadowing that WWE was aiming to bring him back into the fold on a more regular basis.
The WWE star appeared on Raw on Wednesday night, looking much skinnier than usual. It began with Hogan's likeness surfacing on the superstars page for the Crown Jewel event on the company's website, leading speculation of his involvement with Crown Jewel.
Over three years after making his last official WWE appearance, Hulk Hogan is set to return to WWE later this week in Saudi Arabia.
The event starts at 4pm United Kingdom time, 12pm ET/9am PT, and the pre-show will take place an hour earlier.
The financials are murky but WWE is expected to make between $20 million and $40 million U.S. per event from two Saudi Arabian shows this year under a 10-year deal.