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This August's Mid-Atlantic Wrestling Legends Fanfest Weekend To Honor Mid-Atlantic Championship Wrestling History!


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Re: Turner Buying JCP (Read 800 times)
Graham Cawthon
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Re: Turner Buying JCP
Dec 27th, 2006, 9:54pm  
Any idea how much Turner paid for JCP and what date the sale was finalized?
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cwh47
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Re: Turner Buying JCP
Reply #1 - Dec 28th, 2006, 9:05am  
On page 324 of Jimmy Valiant's book,he says the deal was finalized on
November 21, 1988.
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Graham Cawthon
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Re: Turner Buying JCP
Reply #2 - Dec 28th, 2006, 10:09am  
That's also the date given in Sex, Lies, & Headlocks but I've also heard it was the very beginning of the month - Nov. 1 or 2. Thanks for the feedback.
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cwh47
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Re: Turner Buying JCP
Reply #3 - Dec 28th, 2006, 10:43am  
I think that the reason Jimmy Valiant remembered the date so well is that his
contract with JCP ended on November 30,1988. Sometimes business deals are
made long before they are closed. I have no doubt that Turner and Crockett
Promotions probably shook hands and signed a buy/sell contract long before
all the legal work on the transfer was finalized. This may have allowed Turner
to take over the day to day operations before the final closing of the deal on
Nov.21,1988.
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KOCRoyal
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Re: Turner Buying JCP
Reply #4 - Jan 18th, 2007, 8:36pm  
I heard the sale was for $1 MILLION. But that could have been the debt that Dusty created.
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JeffofNC
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Re: Turner Buying JCP
Reply #5 - Jan 19th, 2007, 10:20am  
It was a sad day to be a wrestling fan for me that's for sure
 
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Re: Turner Buying JCP
Reply #6 - Feb 16th, 2007, 1:48pm  
The deal was for $9 Million. It appears the sale merely consisted of Jim Crockett Promotions turning over ownership of its properties to Turner, which organized a new subsidary corp called Universal Wrestling Corp./World Championship Wrestling, Inc. to handle operations. Even though the deal was made "official" in November, the entity was legally formed on Oct. 11, 1988. Per an SEC filing I found on TBS from the '90s, Crockett Promotions, which continued to exist at the very least on paper, owned 100 shares of non-voting class B common stock in WCW.
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Re: Turner Buying JCP
Reply #7 - Feb 16th, 2007, 4:07pm  
i just have to agree with jeffofnc, never has wrestling been the same...although turner was at least watchable for awhile and then he let his money loose in the hands of others and well we all know  
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Fanfest Forum › Wrestling In The Mid-Atlantic Area › 1987 and Beyond ‹ Previous topic | Next topic ›



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