WWE Thread

[Knicks411]

Rusev gone!

BTW, the one wrestling company with $500 mill in cash reserves and lucrative TV contracts is the only company that is letting wrestlers go. Where can they go? The indies aren't running. Vince McMahon is human scum.

I don't disagree with the main point, but they don't have $500 million in cash. It was something like $90 million, plus credit revolvers that could take them to $500 million or so. Which is not the same thing as cash.

Wow. Rusev is a big one. Im wondering if alot of these releases also happen to be people who wanted out or were unhappy and WWE said hey if your unhappy and want out here is your opportunity.

There is some speculation this is the case as well.

 

[OrangeXtreme]

 

[MSOrange]

Sad news. Howard was the voice of many childhoods who grew up watching wrestling like me. I had read he had a stroke and wasn't doing that great.

 

[Knicks411]

Howard. The Goat. sucks

 

[OrangeDW]

69? Jeez. I always assumed he was in his 50s, 30 years ago.

Best ring announcer ever.

 

[Knicks411]

69? Jeez. I always assumed he was in his 50s, 30 years ago.

Best ring announcer ever.

Gene Okerlund was kinda like that to me. In the late 80's he was in his mid to late 40s! I would've guessed like 60!!

 

[kirbivore]

I pretty much knew most of the Snuka story but they do a good job with that show.

I did a double take on that PA journalist's pronunciation of Salina.

 

[Chip]

As a kid, that was the voice you wanted to hear. Because it meant you weren't just watching the house show, you were watching wrestling at the Garden. There was nothing better.

 

[Symphony Steve]

I don't disagree with the main point, but they don't have $500 million in cash. It was something like $90 million, plus credit revolvers that could take them to $500 million or so. Which is not the same thing as cash.



There is some speculation this is the case as well.

You're right. Here's how Dave Meltzer describes it:

"With its $500 million of reserve cash available, broken down as $90.45 million in straight cash on hand, $160.03 million in short term investments that can be used, and another $250 million available instantly in debt capacity, McMahon was the first promoter in combat sports to make cuts, while other companies have avoided doing so even though all others are losing money, although UFC will be back to making money as soon as they start running shows again."

 

[Shawn91111]

69? Jeez. I always assumed he was in his 50s, 30 years ago.

Best ring announcer ever.

Very sad. I always liked Gary Michael Cappetta for best wrestling ring announcer, but the Fink is right there.

 

[Knicks411]

You're right. Here's how Dave Meltzer describes it:

"With its $500 million of reserve cash available, broken down as $90.45 million in straight cash on hand, $160.03 million in short term investments that can be used, and another $250 million available instantly in debt capacity, McMahon was the first promoter in combat sports to make cuts, while other companies have avoided doing so even though all others are losing money, although UFC will be back to making money as soon as they start running shows again."

Saw that this morning. Like I said, the main point is right. It's really a tough look to lay people off right now considering their financial position.

I didn't realize how much revenue they were going to do just from TV and network. I knew the TV revnue is around $425 million a year, but Dave was saying they could ge tto $900 million or so without any revenue other than TV and Network. (though i think he meant for 2020, including any ticket, merch,etc already earned)

 

[kirbivore]

I know it sucks given the current situation but there are mass layoffs in the WWE every year in the month following wrestlemania.

 

[Symphony Steve]

Saw that this morning. Like I said, the main point is right. It's really a tough look to lay people off right now considering their financial position.

I didn't realize how much revenue they were going to do just from TV and network. I knew the TV revnue is around $425 million a year, but Dave was saying they could ge tto $900 million or so without any revenue other than TV and Network. (though i think he meant for 2020, including any ticket, merch,etc already earned)

They just announced a quarterly dividend, a significant portion of which will go to Vince McMahon. According to Dave Meltzer, the quarterly dividend alone would have paid for the fired workers for over four years.

 

[Knicks411]

They just announced a quarterly dividend, a significant portion of which will go to Vince McMahon. According to Dave Meltzer, the quarterly dividend alone would have paid for the fired workers for over four years.

Yeah. Cutting the dividend is tough though; there are definitely companies cutting their dividends, but it could legit send the stock tanking.

Really, they could've just kept everyone on salary, kept the dividend, and just eaten lower earnings for the next few quarters. The whole economy is tanking, and it's not like the company would probably even lose money. Granted, it's not my money (well I do own some stock, but not a lot), but it really does make them look bad. (As if they care about that)

 

[Symphony Steve]

Yeah. Cutting the dividend is tough though; there are definitely companies cutting their dividends, but it could legit send the stock tanking.

Really, they could've just kept everyone on salary, kept the dividend, and just eaten lower earnings for the next few quarters. The whole economy is tanking, and it's not like the company would probably even lose money. Granted, it's not my money (well I do own some stock, but not a lot), but it really does make them look bad. (As if they care about that)

Most companies, even WWE, care about their public image. This is a 70-something Vince McMahon in panic mode. He hasn't gotten wiser with age, and he's not about to start now.

 

[CuseRunner]

Most companies, even WWE, care about their public image. This is a 70-something Vince McMahon in panic mode. He hasn't gotten wiser with age, and he's not about to start now.

Vince has lost his fastball.

 

[Knicks411]

Fwiw, Dave mentioned this morning the released talent is at least getting paid their downside (which I imagine is all most of them were making anyway) for the next 90 days. Which is at least something.

 

[jordville]

 

[CuseRunner]

FWIW, For those Non WWE Fans. The 24/7 title Gronk is the champion is a basically a jobbers title (Basically the guys who can't get on TV compete for the title its a joke title) Santa Clause won the title (No seriously he did)

 

[KaiserUEO]

Now there’s a reason to watch a pre-season Buc game...

 

[Symphony Steve]

Oliver Luck Suing Vince McMahon Over Nullified Contract:

Ex-commissioner Luck sues XFL owner McMahon

With McMahon, contracts are a one-way street: You have to honor them, he doesn't. Remind you of anybody?

 

[MSOrange]

Oliver Luck Suing Vince McMahon Over Nullified Contract:

Ex-commissioner Luck sues XFL owner McMahon

With McMahon, contracts are a one-way street: You have to honor them, he doesn't. Remind you of anybody?

You have a lot of anger toward Vince. I'm not a huge fan of the guy by any means, but you're like Bret Hart and Ultimate Warrior at the height of their feuds with him.

 

[Symphony Steve]

You have a lot of anger toward Vince. I'm not a huge fan of the guy by any means, but you're like Bret Hart and Ultimate Warrior at the height of their feuds with him.

Well, I read how Vince included language in wrestlers' contracts which enabled him to skip out of deals he'd just signed. For example, he signed Anderson and Gallows to $750K deals near the end of 2019 only to cut them five months later. He signed them to keep them away from AEW, then got rid of them at the height of a pandemic.

Vince paid off people to get out of the steroids scandal, paid off people to cover up Jimmy Snuka's murdering of his wife. His political clout has kept the Connecticut courts in his pocket and, most recently, he's used his political clout to escape the Florida lockdown.

You're right. I can't stand people like him. I see no redeeming human characteristics in him.

 

[Knicks411]

Well, I read how Vince included language in wrestlers' contracts which enabled him to skip out of deals he'd just signed. For example, he signed Anderson and Gallows to $750K deals near the end of 2019 only to cut them five months later. He signed them to keep them away from AEW, then got rid of them at the height of a pandemic.

Vince paid off people to get out of the steroids scandal, paid off people to cover up Jimmy Snuka's murdering of his wife. His political clout has kept the Connecticut courts in his pocket and, most recently, he's used his political clout to escape the Florida lockdown.

You're right. I can't stand people like him. I see no redeeming human characteristics in him.

I'm with you on most of the Vince stuff, but re: the contracts. Anderson and Gallows could've just...not signed them? Vince doesn't get to dictate the terms of contracts like that.

I am curious about how much of the money is guaranteed in situations like that. You read they made $750,000 per year, and then get cut down 90 days paid. You would think considering how desperate Vince was to lock guys up they would've negotiated more guaranteed money?

 

[Alsacs]

The fact wrestlers won’t unionize now just shows how messed up the business is.
They have all the leverage now. Vince doesn’t create new stars anymore. It’s just use the part timers for nostalgia and make the show the “star”.

Which reflects why the ratings and interest are going down.
Rollins/Lynch/Flair kiss a$$ so they get taken care of. The rest go up and down and business is on thin skin if they lose their TV deal. As no crowds/merchandise are killing revenues.

Vince has used his wrestlers to fund the WBF, WWE film studios, the XFL twice. The wrestlers need to come together and if they did Vince would cave or lose a lot of talent. They could easily stay home and claim their health are concerned in this pandemic if Vince went live each week.
Vince would then need to tape broadcasts and violate his TV contracts and lose revenue or cave.

With Vince cutting talent it’s on the wrestlers now more than ever.