Former ROH wrestler Bully Ray has a theory about why the promotion is currently in the state that it is.

The tag team wrestling legend shared his views on Thursday’s episode of Busted Open Radio. Ray spoke about a conversation he had with a higher-up in Ring of Honor around the time the Elite left the company.

“I was asked by a higher-up at Ring of Honor ‘moving forward what do you think we should do?'” he said on the show. “The number 1 thing I said is sign Cody and the Bucks.”

“I can take you to the office I was in, the chair that I was sitting in in the office at Sinclair broadcasting at their TV studio when I was asked ‘What should we do?’ I said you have to sign Cody and the Bucks. They are the most important people to your company right now. The most important talent.”

Bully Ray says Ring of Honor’s decision to low-ball Cody and the Young Bucks was a mistake that ultimately led to the company’s decline.

“And we know from interviews or discussions that Cody and the Bucks might have had, that they said the negotiations with Ring of Honor did not go the way they thought they were going to go because they felt they had earned the right to ask for the money that they were asking for and lord knows Sinclair had it.”

A clip of Bully’s comments can be heard below (via Putting You Over):