World Wrestling Entertainment (WWE), the US-based professional promotion, has announced it will stage a 'premium live' event in London for the first time in over two decades this year.

The Money in The Bank premium live event, which is what WWE calls its pay-per-view (PPV) offerings, will be held at the O2 Arena on July 1.

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It will mark the first time WWE has had a PPV event in a UK arena since 2003. This will also be the first time the Money in the Bank ladder match will take place in the country.

The announcement follows the Clash At The Castle event held in Cardiff last September, the first major WWE stadium show to be staged in the UK since 1992.

WWE revealed that the show in Cardiff broke numerous records at the time including becoming the most-watched international premium live event in WWE history, with the largest European gate ever and the best-selling merchandise for a non-WrestleMania event.

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Around 62,300 fans attended the Principality Stadium in the Welsh capital.

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Money in the Bank is one of WWE's major events and features ladder matches for both men and women where the winner will secure a contract for a championship match at a time and place of their choosing anytime within the next year.

The traditional 'big four' WWE events consist of Royal Rumble, WrestleMania, SummerSlam, and Survivor Series, but, since its debut as a standalone event in 2010, Money in the Bank has expanded WWE's PPV stable to a big five. As yet, though, it has never been held outside of the US.

WWE has several British stars such as Drew McIntyre, Doudrop, Nikki Cross, Butch, Ridge Holland, and Tegan Nox. The promotion also features multiple Irish stars like Becky Lynch, Finn Balor, and Sheamus.

Dan Ventrelle, executive vice president of talent at WWE, said: “The O2 is one of the world’s premier venues and the perfect home for Money in the Bank. We are excited to bring one of our ‘Big 5’ events to the UK and look forward to welcoming the WWE Universe to London on July 1.”

Christian D'Acuña, senior programming director at The O2, added: “We are honored to be hosting the first ever Money in the Bank event taking place in the UK here at The O2. We’re looking forward to welcoming back WWE fans to The O2 this summer.”