SoftBank is reportedly seeking to take control of WeWork through a financing package

SoftBank has readied a financing package to take control of WeWork and further sideline the company’s founder Adam Neumann, The Wall Street Journal reported, citing people familiar with the matter.

SoftBank already owns one-third of WeWork, but is aiming to invest several billion dollars in additional equity and debt in the company, sources told The Journal. The potential deal would shift Neumann’s already diminished voting power to the Japanese conglomerate, according to the Journal. This would give give SoftBank a bigger role in turning around the company’s operations.

SoftBank is reportedly seeking to take control of WeWork through a financing package