Cody Rhodes and The Young Bucks, formerly of New Japan Pro Wrestling and Ring of Honor respectively, have announced the formation of “All Elite Wrestling”; a new promotion intent on surpassing WWE as the industry leader.

Jacksonville Jaguars and Fulham F.C. owner Shahid Khan (and his son Tony) are putting up $100 million to finance the venture.

Rhodes and The Young Bucks each signed multi-year deals with AEW to both wrestle and serve in an EVP capacity.

The promotion’s first event, Double or Nothing, will occur in Las Vegas on May 25th.

Rhodes and The Young Bucks could have signed lucrative deals with WWE as free agents – in fact, Rhodes turned an offer down from the company back in Dec. – but opted to “change the world” instead.

Change in the wrestling world means higher salaries, more  “favorable schedules”, healthcare and benefits.

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