Waltman made the announcement when he left a tweet saying that he received the "executed copy" of his WWE Legends Contract and it was now official. He finished off by saying that he was humbled by the honor.
The WWE Legends Contract is a long term deal that allows the WWE to use the superstar's name and likeness for DVDs, action figures, video games and more. The contract requires the superstar to make a limited number of appearances for the WWE, either on television or for special public appearances. It also ties up the wrestler, eliminating their change of appearing for rival companies.
The difference between a wrestler's contract and a Legends Contract is that a wrestler will make hundreds of appearances a year for the WWE while a legend could appear two or three times in exchange for the WWE using their character rights.
Samples of other legends that are now under the WWE Legends Contract deal include Bret "The Hitman" Hart, Hacksaw Jim Duggan, "The Million Dollar Man" Ted DiBiase, Rowdy Roddy Piper, Sgt. Slaughter and "Stone Cold" Steve Austin.
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