PWInsider.com reported that Classic Wrestling Federation (a reportedly tentative name), a new promotion basing itself out of Las Vegas is sending out letters of intent to talents around the country. Shane Douglas and Cody Michaels were said to be the ones sending out the letters.
Certain details of the letters included that they intend,” to set base pay for our wrestler athletes and on‐air talent higher than current alternatives, to offer health insurance benefits or stipends, a 401k retirement plan and other benefits, and to create a profit‐sharing plan where all athletes share in the success of the company. In addition, CWF intends to make a percentage of television revenue available to retiring wrestlers in the form of a company operated pension plan.”
The plans are to partner with a Vegas casino and shoot events up to six days a week for producing 36-44 hours of original TV. The report also stated that the letters of intent were non-binding meaning they can choose not to work for the company when it launches and that signing was not a guarantee of a position. It was also reported that there were no details as to a timetable.
What are your thoughts on this? Shane Douglas was also attached to the Extreme Rising promotion at one point and there is also the Jeff Jarrett promotion that could be coming.
Another promotion where does he get the money to make these failing promotions?