|Without hearing full details from the McGuirk side it's really hard to know what's what. Particularly when you consider the fact that Leroy _may_ have sold everything to his daughter sometime around the end of 81 or very early 82. I've seen this mentioned in more than one spot, and it does coincide with the renaming to "Midwest Championship Sports". It's completely possible that it was just some sleight of hand having to do with the creditors.
The behind the scenes stuff is of far less interest to me than the in-ring stuff. That may put in the minority, but the statistics I've come up with really give a unique insight into how territories were booked, where you can see wrestlers being moved up the cards and how feuds develop and how that all differs from territory to territory and from time period to time period.
I found my copy of Bill Watts' autobiography and found out a few more details about what happened in 1982. Keep in mind that this is Watts' point of view. The McGuirk side might have a different version or interpretation of what happened.
Watts was well aware that McGuirk's territory was in trouble. Seeing his chance to get Oklahoma and McGuirk's other markets, he went into action. He said he got McGuirk's TV station in Little Rock to show Mid-South and also got TV in Tulsa. At that point he went to McGuirk and said that he was on the brink of getting TV in Oklahoma City, which would effectively mean the end of McGuirk's promotion. He made an offer to buy out McGuirk so he could make a graceful exit from the promotion. McGuirk said he needed to discuss the matter with George Scott. Watts didn't mention much about Scott other than not liking him or respecting him as a booker, believing Jim Crockett Sr.'s former son in-law John Ringley had set the table by getting Johnny Valentine and that Scott then road the wave.
Watts didn't mention anything about Scott buying from McGuirk and considered it Leroy stalling for time. That said, I believe Leroy was looking to sell to Scott and wanted to see if Scott could pull off a deal. Soon afterwards, McGuirk accepted Watts' deal. Watts didn't mention what he paid, but said he told Leroy he could mention the amount publicly if he wanted to as a face saving move. However, Watts said a significant portion of the sales price went to paying Leroy's promotion's creditors, especially the TV stations. To the stations, which were behind on money from McGuirk and figured they wouldn't get paid, this made Watts a hero and ensured that he'd have a strong business relationship with those stations.