Founded by wrestler/promoter Verne Gagne and associate Wally Karbo, Minneapolis Boxing & Wrestling Club, Inc. originally held membership in the National Wrestling Alliance until a dispute recognition of the NWA World heavyweight championship.  

In 1960, the group dropped out of the NWA and formed its own brand name (and "sanctioning body"), the American Wrestling Association. The AWA had originally been used as a brand name by promoter Paul Bowser from the late 1920's to the early 50's, and briefly in the 50's by Chicago promoters Ray Fabiani and Leonard Schwartz.  

Gagne existed as the top regional promoter in the midwest until the mid-1980's, when, like every other promoter in the industry, he was faced by the realities of cable television and promoter expansion. In 1985, the AWA debuted on ESPN.  

Unable to keep up with the changes that came about, the Minneapolis Boxing & Wrestling Club closed shop as an active promotion in 1990, but Gagne's company continues to operate to this day as a producer of classic programs for the broadcast, pay-per-view, and home video markets.