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Though many people in the wrestling industry dislike Eric Bischoff, there's no denying the fact that he was behind WCW's success.
Bischoff was a leader for WCW. He brought Monday Nitro to the air, developed pay-per-view-concepts and brought together the nWo.
Despite all this, by 1999 Bischoff, was no longer the on-screen president of WCW. According to the storyline, that position now belonged to Ric Flair.
Bischoff ended up becoming Flair's lackey, getting his head shaved (then sporting gray hair), disappearing for a while, then filling the role of some kind of executive/announcer.
Truth be told, Bischoff was unable to deal with all the pressures of keeping WCW running.
Part of the problem was the fact that, unlike McMahon, Bischoff did not own WCW. He had to run the company, yet he also had to answer to the higher-ups at Time Warner. Not only did he have to try and keep viewers happy, but he had to also keep the execs happy as well.
Doing this during the Attitude Era proved impossible.
Bischoff was not able to put on the kind of show necessary to compete with WWE while having one hand tied behind his back by his bosses.
The end result was Bischoff leaving WCW, which ushered in the era of Vince Russo.
Ironically, the last Nitro before Bischoff was relieved of duty was also the last Nitro that came close to overtaking Raw in the ratings, as well as the last Nitro that scored above a 4.0 rating.
Ratings for 09/06/1999
Raw = 4.4
Nitro = 4.1