Heyman Faces “Extreme” Financial Insecurities; Heading to the WWF?

The future of Extreme Championship Wrestling is bleak. Wrestlers are going unpaid, no television is being produced, no house shows are being scheduled, and members of the roster are exploring their employment options. Former ECW champion Justin Credible is on his way to the WWF, as Jerry Lynn, Rhino, and Tajiri have verbal commitments to the Federation.

Many wrestlers on the ECW roster are as much as ten weeks behind in pay, forcing most to except independent bookings, and others to find additional employment outside the business. Heyman has promised to help anyone wanting to leave find work elsewhere. The ECW owner has reportedly called both the WWF and WCW on behalf of a handful of his wrestlers.

In recent weeks, Jim Ross shot down rumors of the WWF signing ECW superstars until the current situation is resolved. With the sale of WCW to Fusient Media Ventures still in process, the company is in a temporary hiring freeze, seemingly allowing the WWF first dibs on ECW talent. The WWF is considering Super Crazy, Rob Van Dam, and Kid Kash as additions to their deep roster.

“ECW On TNN” was canceled by the cable network last October, and despite Heyman’s efforts to secure a new television deal, none has been consummated. The stumbling block in negotiations appears to center around Heyman’s desire for a network to make a financial investment in ECW, helping to absorb the company’s accumulating debts.

The last house show booked by the promotion was in Arkansas back on January 13th. After the show, wrestlers came out to thank fans and tell everyone goodbye. It appeared on all fronts that this was ECW’s farewell show. Several key ECW grapplers were not in attendance due to not being able to afford traveling expenses. Heyman, an eternal optimist, sent television cameras to tape matches in the event an eleventh hour deal could be reached. Heyman himself did not travel to the show.

The only remaining date booked by ECW is March 11th; a pay-per-view entitled “Living Dangerously.” At press time, no venue has been announced. Even if Heyman loses talent to WWF and WCW, the company is confident the PPV will air as scheduled, most likely featuring the skeleton ECW roster and independent wrestlers. The WWF is likely to make available any talent they sign for the annual PPV.

In the wake of speculation about the future of ECW, rumors started swirling about the company’s owner, Paul Heyman. Internet reports place him in line for a prominent position with the WWF as a booker. In recent months, the WWF has lost two key writers, which adds credence to the speculation. In the past, Heyman and WWF chairman Vince McMahon maintained a well-guarded business relationship.

It is puzzling to me why McMahon would not be interested in purchasing the struggling company outright. Last fall, McMahon made a serious bid to acquire rival World Championship Wrestling, only to have the plan nixed by Viacom. Why wouldn’t McMahon purchase ECW to feature it as its top developmental territory. The cost of acquiring ECW would be a fraction of what the WWF offered to purchase WCW.

In wrestling circles, Heyman is considered a wrestling genius, but not a business wizard. One of the most glaring mistakes committed by Heyman, as ECW owner, was his decision not to hire a full-time business manager, someone with the savvy to operate a multi-million-dollar company.

If Heyman were to concentrate on the creative side of the business, and not on the financial end, he would be a tremendous asset to the WWF. Heyman has demonstrated one of the most creative minds in the business. No one books foreign talent like Heyman, and his ability to hide a wrestler’s weakness is exceptional.

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