Join Date: Jul 2011
Location: Far Away From Uncle Ole
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.