The event is known for the speech given by the tournament winner, ECW Heavyweight ChampionShane Douglas, who dropped the NWA World Heavyweight Championship belt[3] and proclaimed the ECW Heavyweight Championship to be a world championship. Douglas' speech presaged the emergence of ECW - renamed Extreme Championship Wrestling shortly after the event - as a nationally recognized promotion and the continued decline in the power and profile of the NWA.[4] The event has been described by WWE as "one of the most controversial incidents to ever occur at any sports entertainment event".[1] Douglas described his throwing down of the title strap as "the defining moment for [his] career".[5]
After the title had been vacant for several months, NWA board member Dennis Coralluzzo proposed holding a tournament to crown a new NWA World Heavyweight Champion. Tod Gordon and Paul Heyman - the owner and booker of the NWA affiliate Eastern Championship Wrestling (ECW) - wrote to the board of directors proposing that ECW host the tournament given that it had more television exposure than any other NWA affiliate. The board of directors accepted the proposal. Ostensibly unbeknownst to the board of directors, Gordon and Heyman - who had previously had disagreements with Coralluzzo - planned to use the tournament to publicly break away from the NWA and springboard ECW to prominence. Gordon and Heyman approached Shane Douglas, the planned winner of the tournament, who agreed to their plan.[6][1][5]
In between the semi finals and the finals, there was a scheduled tag team bout for the ECW Tag Team Championship between champions the Public Enemy (Johnny Grunge and Rocco Rock) and challengers Cactus Jack and Terry Funk. After Funk was forced to withdraw from the event due to missing a flight, Tommy Dreamer was teased as Funk's replacement but was attacked by the Public Enemy, with Rocco Rock putting him through a table using a diving senton. Mikey Whipwreck was then announced as Funk's surprise replacement. Cactus Jack and Whipwreck went on to score an upset victory over the Public Enemy, with Whipwreck pinning Rock after Cactus Jack jostled him while he was on the top rope, causing him to fall and hit his groin on the ring rope.[6][7][8]
After being presented with the NWA World Heavyweight Championship belt, Douglas began to deliver an acceptance speech before abruptly throwing down the title belt and instead picking up the ECW Heavyweight Championship belt, proclaiming himself to be the "ECW Heavyweight Champion of the world".[6]
Wait a second, wait a second. Of Kerry Von Erich. Of the fat man himself, Dusty Rhodes. This is it tonight, dad. God, that's beautiful. And Rick Steamboat...and they can all kiss my ass!
We have set out to change the face of professional wrestling. So tonight, let the new era begin: the era of the sport of professional wrestling; the era of the Franchise; the era of the ECW.[6][12]
Dennis Coralluzzo was interviewed immediately after the event, referring to Douglas' actions as "a disgrace" and stating that he would move to have Douglas stripped of both championships.[1] There are conflicting accounts as to whether Coralluzzo was aware in advance that Douglas intended to throw down the belt.[9]
On the August 29, 1994 episode of ECW Hardcore TV, Tod Gordon delivered a promo stating that Eastern Championship Wrestling had withdrawn from the NWA, and had renamed the company Extreme Championship Wrestling, and would recognise Shane Douglas as its world heavyweight champion.[6]
I listened with great interest as the representative of the NWA board of directors took it upon himself to inform you that they have the power to force NWA Eastern Championship Wrestling not to recognize the Franchise, Shane Douglas, as a world heavyweight champion. Well, as of noon today, I have folded NWA Eastern Championship Wrestling. In its place will be ECW - Extreme Championship Wrestling - and we recognize the Franchise, Shane Douglas, as our World Heavyweight Champion. And we encourage any wrestler in the world today to come to the ECW to challenge for that belt. This is the ECW, Extreme Championship Wrestling, changing the face of professional wrestling.
