Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF? - Page 2 - Wrestling Forum: WWE, AEW, New Japan, Indy Wrestling, Women of Wrestling Forums

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post #11 of 20 (permalink) Old 09-16-2019, 07:31 AM
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

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Originally Posted by the_flock View Post
Filing for bankruptcy doesn't make you dirt poor. Plenty of millionaire's do it all the time in order to erase debt.

You can't be dirt poor in 1976 and buying Colliseums in 1979, to owning the biggest promotion in 1982.

A Wikipedia page isn't always accurate. Again it's all about narrative.
Im not saying wikipedia is fully accurate but its also not fair to shit on OP when there is some evidence that they were having some kind of financial issue, I would rather base my opinion on some kind of evidence than just disagree in ignorance. The extent to that financial trouble is up for debate. Unless you have proof to the contrary.

I highly doubt anyone here has any concrete information on vince's financial past so its working within the means of the information available.
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post #12 of 20 (permalink) Old 09-16-2019, 08:40 AM
 
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This is how I've seen he paid for it. Vince purchased the operating rights to the Cape Cod coliseum. The guy just wanted to retire and no one was outright purchasing it. So Vince ran it and every time Vince made a mortgage payment he got equity in the building.

Then when it came to purchasing the WWF Vince came up with a plan that used his equity in the Coliseum to get loans so he could grow the WWF and with WWF's growth he could pay his dad and friends off. It was a balloon payment system and if Vince missed a payment they get the company back.
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post #13 of 20 (permalink) Old 09-16-2019, 01:46 PM
 
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

Lots of key things missing from the story. Vince didnít meet his father until his late teens and even after school he was selling adding machines and ice cream products. He wasnít just handed the company. His father did give him the arena in Maine and if he was unsuccessful he wouldíve never let him be apart of the WWWF.

He also had to get everyone on board. He didnít just take over his fathers company as there were other partners involved notably gorilla monsoon and Arnold Skaaland.
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post #14 of 20 (permalink) Old 09-16-2019, 07:04 PM
 
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

Okay, so here's the deal:

1. Vince Jr. did indeed grow up "dirt poor". As stated, he didn't have a relationship with his father and didn't even meet him until he was 12 years old. At that point, they grew closer and Vince Jr. would eventually find himself in the business, as a promoter out of Bangor, Maine, as the previous promoter was supposedly caught stealing money. Vince Jr. getting the territory was under one condition: he had six months to turn it around or he was out of the business. Obviously, he turned things around. Another thing to point out is that Vince Jr. bought a venue (Cape Cod Coliseum) from the previous owner, who went bankrupt. The deal was simply Vince Jr. paying off the previous owner's mortgage. This deal led to the creation of Titan Sports.

It also further established Vince Jr. as a highly successful promoter, as he used the venue to not only host wrestling events but sporting events & concerts, as well. I say that to establish that, by 1980, Vince Jr. wasn't anywhere close to being dirt poor. That leads to him buying the company from his father (and Skaaland, Monsoon & Zacko):


2. Vince Jr. didn't pay anything up front. What he did do, however, was take out loans from various New England banks...not to buy the company but to grow what he was buying. The idea was those loans aided in the expansion of the company (which was restricted to the northeast). That results in more money being made, which allows Vince Jr. to make the agreed upon payments without necessarily coming out of his pocket. In other words, he essentially used their money to buy their company.


3. If I'm not mistaken, the final payment came after the first Wrestlemania. So, by that point, Titan Sports is fully established, as is Vince Jr.'s reputation as a promoter and you also have the revenue generated from Wrestlemania, the MTV partnership and other streams that came with WWF's expansion.







Long story short: Vince Jr. was "dirt poor" as a kid. That pretty much was never the case again post-'71. Him buying the company was a two year process. And he didn't use a dime of his own money to do it.

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post #15 of 20 (permalink) Old 09-16-2019, 07:23 PM
 
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

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Originally Posted by Jupiter Jack Daniels View Post
Okay, so here's the deal:

1. Vince Jr. did indeed grow up "dirt poor". As stated, he didn't have a relationship with his father and didn't even meet him until he was 12 years old. At that point, they grew closer and Vince Jr. would eventually find himself in the business, as a promoter out of Bangor, Maine, as the previous promoter was supposedly caught stealing money. Vince Jr. getting the territory was under one condition: he had six months to turn it around or he was out of the business. Obviously, he turned things around. Another thing to point out is that Vince Jr. bought a venue (Cape Cod Coliseum) from the previous owner, who went bankrupt. The deal was simply Vince Jr. paying off the previous owner's mortgage. This deal led to the creation of Titan Sports.

It also further established Vince Jr. as a highly successful promoter, as he used the venue to not only host wrestling events but sporting events & concerts, as well. I say that to establish that, by 1980, Vince Jr. wasn't anywhere close to being dirt poor. That leads to him buying the company from his father (and Skaaland, Monsoon & Zacko):


2. Vince Jr. didn't pay anything up front. What he did do, however, was take out loans from various New England banks...not to buy the company but to grow what he was buying. The idea was those loans aided in the expansion of the company (which was restricted to the northeast). That results in more money being made, which allows Vince Jr. to make the agreed upon payments without necessarily coming out of his pocket. In other words, he essentially used their money to buy their company.


3. If I'm not mistaken, the final payment came after the first Wrestlemania. So, by that point, Titan Sports is fully established, as is Vince Jr.'s reputation as a promoter and you also have the revenue generated from Wrestlemania, the MTV partnership and other streams that came with WWF's expansion.







Long story short: Vince Jr. was "dirt poor" as a kid. That pretty much was never the case again post-'71. Him buying the company was a two year process. And he didn't use a dime of his own money to do it.
Thank you for typing all that so I didn't have to, as well as going into detail I wouldn't have out of laziness

Also I didn't know Vince "cut his teeth" in Maine or that it involved ousting a thieving promoter. Interesting stuff!


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post #16 of 20 (permalink) Old 09-16-2019, 10:42 PM
 
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

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Originally Posted by gillbergisback View Post
This is how I've seen he paid for it. Vince purchased the operating rights to the Cape Cod coliseum. The guy just wanted to retire and no one was outright purchasing it. So Vince ran it and every time Vince made a mortgage payment he got equity in the building.

Then when it came to purchasing the WWF Vince came up with a plan that used his equity in the Coliseum to get loans so he could grow the WWF and with WWF's growth he could pay his dad and friends off. It was a balloon payment system and if Vince missed a payment they get the company back.
Hence the name Coliseum Home Video for early WWF tape releases.
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post #17 of 20 (permalink) Old 09-18-2019, 07:07 AM
 
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

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Originally Posted by TrulyJulieRokks View Post
When Vince And Linda were first Married they were beyond poor,they would have had to save up to be dirt poor. He hadn't met Vince Senior much before that and I know Vince Senior gave him some entry level jobs then made him an announcer but you aren't making that kind of money to buy a wrestling company and then build up that company buying wrestlers from all over the country with money you make being an announcer. Has anyone here read or seen anything?
this:

https://www.youtube.com/watch?v=BMNmOAhQ7oM
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post #18 of 20 (permalink) Old 09-18-2019, 07:15 AM
 
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

Quote:
Originally Posted by Jupiter Jack Daniels View Post
Okay, so here's the deal:

1. Vince Jr. did indeed grow up "dirt poor". As stated, he didn't have a relationship with his father and didn't even meet him until he was 12 years old. At that point, they grew closer and Vince Jr. would eventually find himself in the business, as a promoter out of Bangor, Maine, as the previous promoter was supposedly caught stealing money. Vince Jr. getting the territory was under one condition: he had six months to turn it around or he was out of the business. Obviously, he turned things around. Another thing to point out is that Vince Jr. bought a venue (Cape Cod Coliseum) from the previous owner, who went bankrupt. The deal was simply Vince Jr. paying off the previous owner's mortgage. This deal led to the creation of Titan Sports.

It also further established Vince Jr. as a highly successful promoter, as he used the venue to not only host wrestling events but sporting events & concerts, as well. I say that to establish that, by 1980, Vince Jr. wasn't anywhere close to being dirt poor. That leads to him buying the company from his father (and Skaaland, Monsoon & Zacko):


2. Vince Jr. didn't pay anything up front. What he did do, however, was take out loans from various New England banks...not to buy the company but to grow what he was buying. The idea was those loans aided in the expansion of the company (which was restricted to the northeast). That results in more money being made, which allows Vince Jr. to make the agreed upon payments without necessarily coming out of his pocket. In other words, he essentially used their money to buy their company.


3. If I'm not mistaken, the final payment came after the first Wrestlemania. So, by that point, Titan Sports is fully established, as is Vince Jr.'s reputation as a promoter and you also have the revenue generated from Wrestlemania, the MTV partnership and other streams that came with WWF's expansion.







Long story short: Vince Jr. was "dirt poor" as a kid. That pretty much was never the case again post-'71. Him buying the company was a two year process. And he didn't use a dime of his own money to do it.
good read

There really needs to be a 3 hour Vince McMahon movie made by Hollywood. His life story sure as hell is interesting..

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post #19 of 20 (permalink) Old 09-18-2019, 03:30 PM
 
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Vince also grew up in a top of the range trailer for that time period, in said trailer park.

Went to military school, which was extremely expensive at that time, which his Dad paid for.

He also saw his Dad every summer and even went on holiday with him.

Got a business degree, after military school.

Got handed his own territory in Maine by his Dad in order to prove himself, before working side by side with him for a decade in the biggest wrestling promotion in the world.

So by all accounts he was never dirt poor and had a better upbringing than most. That's not to say he didn't work for it, as he did.
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post #20 of 20 (permalink) Old 09-21-2019, 10:06 PM
 
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Re: Does Anybody Know Where Vince Got The Money To Originally Buy And Build The WWF?

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