LOUISVILLE, Ky. — The momentum appears to be continuing for a Louisville-based professional wrestling promotion.
Ohio Valley Wrestling announced Tuesday it has secured a new investment and strategic partnership with Genvec Ventures. According to a news release, the agreement "ensures OVW's financial stability going forward" and adds Genvec as a new minority ownership group.
Ed Payer will become the promotion's new CEO and oversee day-to-day business affairs. OVW did not disclose terms of the deal.
The announcement was made a few months after Netflix featured OVW on the popular seven-part docuseries "Wrestlers."
"This strategic partnership marks a pivotal moment in OVW's history," co-owner Matt Jones said. "It's an infusion of financial stability and a shared vision from Genvec Ventures that promises to elevate our brand and the world of professional wrestling. As the Netflix show 'Wrestlers' showed the world, OVW is a special place with amazing leadership in Al Snow, tremendous talent in our locker room and a fanbase that is unmatched. What we needed was resources, an infusion of time/expertise and a set of individuals poised to elevate the company from a business perspective. This partnership gives OVW all three."
Jones, founder of Kentucky Sports Radio and a best-selling author, will remain head of the majority ownership group that includes other area partners. Louisville Mayor Craig Greenberg also has an ownership stake and made an appearance on the Netflix series.
Jones will continue working on OVW's touring schedule, which will include the entire United States for the first time in 2024. He will also focus on securing television and distribution rights.
Jones said Payer brings "a wealth of business experience" to OVW, including corporate and digital expertise.
"His leadership and vision are aligned with our goals to innovate and enhance the wrestling experience for our fans," Jones said.
Jones said OVW has already seen a large infusion of resources and other upgrades as a result of the deal.
OVW runs shows every Thursday at 7 p.m. at Davis Arena, located on Shepherdsville Road in Louisville. Several sellouts have occurred since the series first aired in September.
OVW served as a developmental territory for WWE from 1999-2008. Under the leadership of Danny Davis and Jim Cornette, the promotion launched the careers of many big stars, including John Cena, Randy Orton, Brock Lesnar and Batista.
RELATED VIDEO