The podcast discusses the historic purchase of the UWF by Jim Crockett promotions, the impact on JCP and JR's career. They also talk about JR's return to national television with AEW Dynamite. They discuss the challenges and politics of the acquisition, rebranding to UWF, and expanding syndicated program efforts. They delve into the impact of the oil recession on the wrestling industry. They also discuss wrestler Kenny's career and his friendship with Cowboy. They mention Bill's possible animosity towards Vince McMahon and a product called Blue Chu. The podcast ends with the purchase of UWF, Sting's involvement, and promoting next week's topic.
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Quick takeaways
The oil recession in the 1980s had a significant impact on the wrestling industry, leading to decreased ticket sales and financial instability.
Bill Watts faced challenges in securing television stations and market share due to the economic downturn and intense competition from Vince McMahon.
The combination of economic challenges and overhead costs made it difficult for Bill Watts to run profitable shows in the Oklahoma and Louisiana region heavily reliant on the oil industry.
The acquisition of the UWF by Jim Crockett Promotions for $2 million provided valuable content and talent for JCP while allowing Bill Watts a respectable exit from the wrestling business.
Deep dives
The Devastating Impact of the Oil Recession
The podcast episode discusses how the oil recession in the 1980s had a significant impact on the wrestling industry. The downturn in the economy led to a decrease in disposable income, affecting ticket sales and overall financial stability. The oil crisis caused businesses to go bankrupt, hotels to be repossessed, and people to lose their livelihoods. The timing couldn't have been worse as Bill Watts was trying to expand nationally, facing challenges in syndication deals and struggling to keep the roster together. Additionally, there were bilateral contracts with top talent which added to the financial pressure. Despite the obstacles, Bill Watts continued to fight and explore potential investors to save the company.
The Battle for Television Stations and Market Share
As the wrestling industry faced economic challenges, Bill Watts found himself in a battle to secure television stations and market share. The economy was affecting the community, disposable income was decreasing, and businesses were struggling. Despite strong ratings and viewership, ticket sales were down. The timing was difficult as Vince McMahon was expanding nationally, which put further pressure on Watts to find a solution to compete. However, the ripple effect of the oil recession continued to make it challenging to sustain the business model.
Challenges in Running Profitable Shows
The combination of economic downturn and overhead costs made it difficult for Bill Watts to run profitable shows. The expenses, including talent pay, building rentals, and advertising, often surpassed the revenue generated from ticket sales. The Oklahoma and Louisiana region, which heavily relied on the oil industry, was hit hard. The decrease in disposable income impacted attendance and revenue. Despite efforts to promote the shows and book compelling matches, the financial strain made it increasingly challenging to sustain the business.
Exploring Sale and Potential Investors
As financial difficulties persisted, Bill Watts explored the possibility of selling the company and sought potential investors. However, his efforts were met with challenges as negotiations often fell through. The economic landscape and the difficult financial situation made it challenging to find suitable buyers or investors. This led to heightened pressure on Bill Watts as the losses continued, and he navigated the difficult task of managing the company in a declining market.
The UWF acquisition by Jim Crockett Promotions
In this podcast episode, Jim Ross discusses the acquisition of the UWF (Universal Wrestling Federation) by Jim Crockett Promotions. The UWF, led by Bill Watts, was bought out by JCP for a price of $2 million. The acquisition aimed to strengthen JCP's position and challenge Vince McMahon's growing dominance in the wrestling industry. The deal included the transfer of television contracts and talent from the UWF to JCP, with the key acquisition being Sting, who would go on to become a top star. The acquisition was seen as a win-win situation, providing valuable content and talent for JCP while allowing Bill Watts a respectable way of exiting the wrestling business.
The meeting with Jim Crockett and Rob Garner
Jim Ross recalls a meeting with Jim Crockett and Rob Garner to discuss the acquisition of the UWF. The meeting took place in an Atlanta airport terminal and focused on the terms of the deal, including the price of $2 million. Jim Ross mentioned that his personal split in the deal was 5% of the overall sales price. The meeting also involved discussions about the potential impact of the acquisition on JCP's competition with Vince McMahon and the strategic advantages of combining the UWF's syndicated television contracts with JCP's existing programming. The meeting concluded with Jim Crockett instructing Bill Watts to call him, indicating his interest in pursuing the deal.
The significance and aftermath of the UWF acquisition
Jim Ross reflects on the significance of the UWF acquisition and its impact on the wrestling industry. He acknowledges that the deal provided valuable content for JCP and helped elevate Sting as a major star. He also discusses the management challenges that JCP faced after the acquisition, including the strain on resources and the overextension of the company. Despite the challenges, Jim Ross considers the UWF acquisition as one of the biggest achievements in his career, providing everlasting content and contributing to the evolution of the wrestling business. He also acknowledges the role of hindsight in evaluating the deal and the potential for alternative outcomes.
On this episode of Grilling JR, the guys discuss this historic purchases of the UWF buy Jim Crockett promotions. JR shares how the sale came about and the impact it had on JCP and his career. JR also discusses his return to national television calling the main event of AEW Dynamite and if this could mean his return to TV on a regular basis.
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