Hulk Hogan was a global superstar and one of the most recognisable figures in the world – and it’s little wonder given the staggering details of his WCW contract
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 downfall in 2001, following a surge in the industry in the late 1990s which saw Hogan’s worth skyrocket once more. Such was his allure, that WCW offered him a lucrative new contract in 1998 set to run 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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Now, the specifics of that very contract are being brought to light once again. The contract was submitted as evidence in a racial discrimination lawsuit that WCW faced back in October 2000 and is doing the rounds on social media in the wake of Hogan’s death.
The contract, which commenced on May 29, 1998 and was set to run until May 28, 2000, included a staggering bonus Hogan was entitled to before wrestling under it. WCW offered Hogan a jaw-dropping $2m (£1.49m) just for agreeing to stay with the company.
Under the terms of his contract, he was obliged to headline six pay-per-view events annually for the initial three years, where he would be the star attraction. For each PPV appearance, he pocketed either a flat rate of $675,000 (£500,000) or 15 per cent of the PPV cable sales, whichever sum was heftier.
That was just the beginning. The agreement specified that WCW “shall pay” Hogan a hefty $1.35m (£1m) three times a year for three years as an upfront payment for the PPV earnings, with his take-home potentially reaching a staggering $1.75m (£1.3m) per event based on the buy rates.
Hogan also had a lucrative deal entitling him to 25 per cent of the total ticket sales at the gate for every 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.
For non-televised events, a similar provision was in place, and he was slated to receive a $100,000 (£74,400) “consultant fee” during the fourth year of his contract. Should he step into the ring, he’d earn the same match fees as he did in the first three years.
On top of all this, Hogan raked in royalties amounting to 50 per cent from the “net receipts” and “actual licence fees” of all merchandise bearing the Hulk Hogan brand. Additionally, he bagged a promotional fee of $20,000 (£14,886) monthly each time he hyped up his revolutionary and contentious group, the New World Order.
Lastly, during his WCW stint, he was treated to first-class air travel, top-tier hotel stays, limousine service and a daily allowance of $175 (£130). The contract also had a contentious ‘creative control’ clause, affirming that Hogan had the final say on the results of all his matches.
All in all, the contract ensured that Hogan would pocket an estimated $14.9m (£11.09m) between 1998 and mid-2000, when he parted ways with the company. However, it’s conceivable that his earnings could have exceeded $20m (£14.89m) once bonuses and additional perks were factored in.