Ric Flair held in contempt over loans

05/27/2011 12:00 AM

05/27/2011 10:01 PM

Professional wrestler Ric Flair was held in contempt of court this week for failing to comply with the terms of an earlier financial settlement, according to a court order.

Flair didn't repay a loan of $35,000 to Highspots Inc., a wrestling merchandise company, according to the order for contempt. He's required to repay the loan and autograph 300 photos for Highspots. If he doesn't comply within a month, Flair could be sent to jail for up to 90 days.

As an alternative to repayment, Flair could give the company a National Wrestling Alliance title belt he used as collateral for the loan.

Flair was an NWA world champion known for his long, blond hair and signature cry - "Wooo!"

A Superior Court judge found Flair has "the assets and income to comply with the order." If he doesn't pay by June 27, Flair will be subject to imprisonment.

Reached by the Observer on Friday night, Flair declined comment. But his agent, Melinda Morris Zanoni, said the issue was simply a business dispute.

"He fully intends to comply," she said.

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