Given the incredible details of his WCW contract, it’s no wonder that Hulk Hogan was a household name and one of the most recognizable figures in the world.
The passing of Hulk Hogan has prompted an outpouring of heartfelt tributes for the man who transformed the world of professional wrestling.
Born Terry Gene Bolloa in 1953, Hogan”s allure rarely dimmed over the decades since his peak in the 1980s. He was the face of WWE, then known as World Wrestling Federation until 2002, before he ventured into Hollywood and made a contentious switch to rival firm World Championship Wrestling in 1994.
He remained with WCW until its demise in 2001, following a boom in the late 1990s, when Hogan’s worth again rose. Due to his allure, WCW gave him a lucrative new contract in 1998 that would continue until 2002.
This contract played a significant role in Hogan’s accumulated wealth. His net worth was estimated to be around $25million (£18.6m) at the time of his death on Thursday, July 24 aged 71.
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The specifics of that contract are once more being revealed. In a racial discrimination lawsuit that WCW faced in October 2000, the contract was presented as proof of Hogan’s death. It is currently popular on social media.
Hogan was given a sizable bonus before wrestling under it, which the contract, which commenced on May 29, 1998, was set to continue until May 28, 2000. Hogan accepted a jaw-dropping $2 million (1.49 million) in exchange for agreeing to stay with the business.
He was required to headline six pay-per-view events annually for the first three years of his contract, where he would be the star attraction. He made up either a flat rate of $675, 000 (£500, 000) or 15% of PPV cable sales for each PPV appearance, whichever was greater.
That was only the start. According to the agreement, WCW “shall pay” Hogan a sizable $ 1.35 million (£1 million) as an upfront payment for the PPV earnings, with the potential earnings of $ 1.75 million (£1.3 million) depending on the buy rates.
Hogan also enjoyed a lucrative deal that gave him access to 25% of the total ticket sales at the gate for each WCW Nitro and/or WCW Thunder event he graced with his presence and wrestling prowess. Moreover, he was assured a minimum of $25, 000 (£18, 600) for each show he performed in.
A similar provision was in place for non-televised events, and he was scheduled to pay a $100, 000 (£74, 400) “consultant fee” during his fourth year of employment. He would make the same match fees as he did in the first three years if he entered the ring.
Additionally, Hogan earned 50% in royalties on all products sold under the Hulk Hogan brand, including “net receipts” and “actual licence fees. Additionally, he was paid a $20, 000 (£14, 886) monthly fee for each time he promoted his controversial and controversial organization, the New World Order.
Finally, he received first-class air travel, top-notch hotel stays, limousine service, and a $175 (£130) daily allowance during his WCW stint. Hogan had the final say in all of his matches, according to a contentious “creative control” clause in the contract.
Source: Mirror
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