Ric Flair had been considering asking for a release from WWE for weeks. Flair didn’t want to be an agent or a commentator as he expected to be working in a public relations role as well as portray an occasional TV character. But Flair became discouraged as reported and asked for the release.
One of the major deals Flair had turned down by WWE was a $225,000 deal for 30 dates, which was put together by Charlotte attorney Bob Trobich (who Flair has known since the Crockett days) of the NWA. Flair would receive half of the money up front, and Flair would then do autograph sessions at NWA house shows where they would limit an autograph session to 200 fans that would pay $100 a piece. The number was to be kept small so that the fans would get a true interaction with Flair, but still allow both sides to cash in.
The NWA would also use footage of these on their TV show, and have Flair cut promos occasionally, hoping that having him linked with the promotion could help them gain exposure. WWE didn’t want Flair appearing on independent wrestling shows and or DVD/TV, which is why they wouldn’t allow it.
There was talk of WWE expanding WWE studios to where they would produce their own TV shows, and Flair, Mick Foley and Roddy Piper were all considered for these projects. The reason that they were considered is that WWE didn’t want to take active talent off of the road for any amount of time. It had become hard for Flair to find free time for things WWE would have approved of him doing. He had talked about pursuing Hollywood offers and writing a second book.
It looks as if both sides parted on good terms. There are no details on any form of non-compete clause he would have.