According to Satin, the three wrestlers are evaluating locations for the show, with Chicago, London, San Francisco and Ontario, California, the strongest contenders so far.
Rhodes and the Young Bucks are trying to work out a deal with Ring of Honor to help fill out the card, but they have yet to announce any agreement with the company.
The genesis of the idea likely came in May. After the Wrestling Observer Newsletter's Dave Meltzer tweeted Ring of Honor couldn't sell out a 10,000-seat arena, Rhodes took it as a challenge:
Drawing that many fans to what would possibly be an ROH-branded event wouldn't be easy. Per the Internet Wrestling Database, the company had 3,500 fans attend Supercard of Honor XI in April, which was by far ROH's biggest show of the year.
With the right card and an effective promotion strategy, Rhodes may be able to achieve his goal. At one time, it would've seemed unthinkable WWE could fill Barclays Center with an NXT event, which is exactly what it did with NXT TakeOver: Brooklyn in 2015.
Of course, NXT had the benefit of being the development brand for the biggest wrestling company in the world—a luxury not afforded to Rhodes and The Young Bucks.
Still, the fact the three are self-funding their pursuit illustrates their desire to continue the growth of independent wrestling.