Eric Bischoff Comments On His Bankruptcy Filing, Says AEW Isn’t Real Competition For WWE ‘No Matter How Much Tony Khan Wants To Believe’
During his appearance on Ryan Satin’s “Out of Character” podcast, Eric Bischoff dismissed the theory that wrestling ratings are down because there are so many different media platforms:
“It’s an excuse. I don’t buy this. The product is boring. Nothing new has happened. Nothing has evolved. It’s the same formula until recently, we’re talking about WWE, which is by far the dominant (company). There is no competition. AEW is not a competition, no matter how much Tony Khan wants to believe it is not. You’re in the same business, Tony, but it’s not the same as competing. You’re not taking market share, Tony. You are just in the same company. It’s kind of like having a little mom and pop burger on the corner and saying you’re competing with Arby’s.
Bischoff talks about his 2017 bankruptcy:
“In 2017, I had to declare bankruptcy at 62, when most people my age are retiring, and I made millions of dollars, by the way. It’s not like I “Just dragged on. well in my life. I made more money outside of wrestling than I made inside of wrestling, and I made a lot of money in wrestling.” But because I’m an entrepreneur, because I’m a risk taker, and because I’m passionate about things, I got involved in a tech-based AE opportunity. the diligence we did, the quality of the people we were doing it with, it couldn’t have been a better situation. The market was good for this particular idea. It was going well and I invested a lot personally, not l other people’s money, not the money that I inherited, not the money that I borrowed, but the money that I had in the bank and that I i won, it was my retirement. I put everything was on the line. Guess what? It did not work. It was a very regulated company in Europe and the regulations have all changed. No one saw that upcoming companies and beer had no problem with this, but a small startup was not ready to deal with this. It was a Chapter 11 bankruptcy. It was not a personal bankruptcy. It was a business failure. But guess what? It was Chapter 11, which means the debts haven’t gone away. I still have to repay them 100%. But guess what else? I had six years to do it under the bankruptcy plan and I paid it off in three. My net worth is in the seven figures.”
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“My argument about this is not bragging. How do you think I felt for a while at 62? I knew this was going to be made public. Forget, you know, what the hell I’m gonna do? I’m 62. It’s not like I get to, you know, start over, you know, but you come, as an entrepreneur, you learn how to reinvent yourself, and that’s is exactly what I did. I surrounded myself with very, very good people, and I stayed very, very positive. I stayed grateful for the things that I had and I didn’t complain, I didn’t I haven’t complained and I haven’t been unhappy about the things that happened to me or the decisions that I made. Just okay, then let’s do it one more time. Here we are.
If you use any part of the quotes from this article, please credit Out of Character with Ryan Satin with ah/t at WrestlingNews.co for the transcription.