Lucha libre is one of the most storied and impressive aspects within the entire history of professional wrestling. The colorful masks, the acrobatics, and the passion displayed, both by the performers and the dedicated fans, are staples of why the Mexican genre stands out as much as it does as something uniquely its own. Furthermore, the sport is a bonafide tradition in the native country, as it’s passed down through generations, again both from families in the ring and families in the seats.
That’s why the evolving lucha landscape, particularly since the AAA purchase by TKO last year, seems to be at somewhat of a crossroads in terms of the overall direction of the business in Mexico.
There’s no doubt that TKO bought AAA because it was essentially a way to buy a WWE foothold in Mexico, something the company simply wasn’t going to be able to do on its own. Sure, the Hispanic fan base would attend the yearly spectacle of WWE in their town once a year, but it wasn’t their brand. It wasn’t built or developed within that previously mentioned lucha tradition. Much like the regional territory system in the United States from years ago, and in some ways still today, the foundation of lucha libre is based on regular attendance of live cards. Obviously, there are television deals in place within the country, but true to the passion of the Mexican audience, the connection to the sport is based on the thrilling live event experience.
The WWE, as much of an international juggernaut as it was prior to the merger, and even more so today under the TKO banner, wasn’t going to be able to forge that connection with the audience simply by slapping the WWE logo on a spinoff project. We’ve heard for a few decades that the Latino demographic has the potential to be a majorly profitable revenue stream, especially within the population in the United States. During its heyday of the early-90s, AAA ran a slew of events in America, including the legendary When Worlds Collide pay-per-view that was produced by WCW in 1994. Still, it was going to take a very concerted and continuous effort to truly expand the brand into the US, which is why the few attempts over the years in various forms yielded mixed results at best. Lucha Libre USA is a forgettable project,despite the fact that it had a short-lived show on MTV 2 and an even more forgettable action figure line that briefly had retail space. Lucha Underground was a cult hit and fell off a cliff just as fast, regardless of having several very talented performers under contract at one point.
Quite simply, the WWE machine has the distribution, and structure, and most importantly, the money to truly expand AAA in both Mexico and the United States.
The potential is there, but as mentioned, nothing is automatic. In fact, there is somewhat of a tug-of-war within the lucha climate right now, as far as the newer AAA brand under the WWE umbrella with a bigger level of star power from the infusion of WWE stars compared to the tradition of CMLL with its weekly Friday night cards at Arena Mexico. On one hand, TKO is integrating authentic lucha libre into the WWE portfolio, and in some ways, it has been successful, albeit of a smaller sample size, with Dominik Mysterio, Grande Americano, and others blended with native stars like Mr. Iguana, Vikingo, and Psycho Clown. On the other hand, especially given the political turmoil, particularly with the immigration issue, it’s possible that the Mexican fans won’t be thrilled to embrace a brand that is ultimately owned by an American corporation so closely associated with Trump.
The other side of the coin is that CMLL had a strong year with Mistico at the top of the card, drawing regular sell outs of the previously mentioned Arena Mexico, as the famous venue in Mexico City is considered a major tourist attraction even among people that aren’t pro wrestling fans. Sure, tickets are kept affordable, both for the domestic and international fans, but getting people in the door is revenue, and the fact that people are willing to spend money on the product is an undeniable metric of success. Part of the reason that the organization has remained such a staple in the country is that it owns some of its key buildings, including Arena Mexico, Arena Coliseo, and Arena Puebla.
One of the ways that CMLL has been able to avoid being overwhelmed by the WWE effort to promote AAA to a bigger level is that the promotion has continued to bring in AEW talent on a semi-regular basis through their current working agreement. Claudio Castagnoli won the CMLL heavyweight title a few months ago and has worked often for the company since that time. Mercedes Mone just dropped the CMLL Women’s title to Persephone earlier this month. MJF worked a few matches for CMLL in mid-2025 when he won the Light Heavyweight belt before he dropped it to Mistico in a stellar mask vs. title bout. Granted, AEW performers don’t have the level of star power or are as well known as the WWE names that have been used for AAA, but there’s no doubt that the All Elite aspect has been beneficial to CMLL. Again, tickets sold and revenue are indications of success.
The Wrestling Observer’s Dave Meltzer has touted the success of CMLL more recently than in past years, which has more to do with catering to his base as a contrarian to WWE than anything else, but the evolving dynamics of the lucha scene can have an important domino effect on the entire industry. Make no mistake about it, the WWE bought AAA to monetize the Mexican market as much as possible, and if they are going to be successful, they are definitely looking to take a portion of the market share away from CMLL. That’s not nearly as provocative as the greedy corporation trying to take revenue away from a smaller organization, it’s often the case with the expansion in any form of business.
After he won a portion of the meaningless AEW Trios belts at the Revolution pay-per-view, it was announced that Mistico had signed a deal with the company. It’s not necessarily shocking because Tony Khan has signed almost every international star that gets any type of significant praise in the Observer newsletter, and the lucha headliner already worked for the company a handful of times before anyway. However, it was still somewhat surprising because Mistico is the top guy for CMLL so this means that an AEW contract will either take him away from his home promotion to a hindering degree if he’s not available to work major events in Mexico City, or it could help solidify CMLL’s position in the business as they will theoretically have access to more American talent to bolster the live event cards going forward through a more extensive partnership with an American promotion.
This past weekend’s AAA Rey De Reyes event was held in Puebla at Auditorio Seguros, a bigger venue than CMLL’s Arena Puebla. It’s not necessarily the fact that its a bigger building, but rather the fact that WWE is running events around Mexico City that makes it clear that they know how important it is to get more of the market share of Mexico. This is where Mistico’s signing and theoretically an expanded partnership with CMLL is a key piece of the puzzle in the grand scheme of things. Tony Khan said during the post-PPV press conference that Mistico would split his time between the two groups, and Tony, despite his eccentric personality, knows that he has to keep Mistico strong on his television show to avoid doing any damage to the CMLL brand. Besides being known as a genuinely nice guy, even if his slapstick approach to the booking process has its critics, Tony has an undeniable respect for the business. He’s not going to do anything that could hinder Mistico’s position in Mexico.
When Tony is going to book CMLL’s top star, there’s obviously a level of trust there from the Mexican office, and again with a step forward in the partnership between the two groups, it gives CMLL access to more talent to keep their shows strong. If some ways, it’s also a way to make sure that Tony’s bloated roster doesn’t sit at home or in catering because he can always send talent to CMLL if he doesn’t have anything for them in AEW.
Of course, TKO is a billion dollar company and in the vast majority of cases, they could throw enough money at anyone to get them to sign a deal to work for AAA. Angel Garza’s recent response to a fan’s question on social media about why he re-signed with the WWE instead of opting to work for CMLL is proof of this. Garza, who is from a wrestling family, explained that he makes exponentially more money working for the WWE and had to make the right decision for his family. Ironically, Mistico would probably be the exception after his absolutely disastrous run in WWE several years ago so it’s doubtful that he would be offered another contract. But, similar to any other industry, it’s extremely important, both for the wrestlers and the fans, that there’s a measurable level of competition. It’s a positive for AAA to get the increased exposure and expanded distribution of TKO, but there would ultimately be less overall opportunists for talent in the future if the expansion had a negative impact on CMLL so the working agreement with AEW, specifically the signing of Mistico, is a key point for the industry.
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Until next week
-Jim LaMotta
Email [email protected] | You can follow me on Instagram, Facebook, & Threads @jimlamotta89
