Here is what the SmackDown Executive Director had to say:

He also talked about the fact that Patterson was ‘fed up’ with the business at that point, clarifying that by the business he meant the travel that is involved in the work.

(H/T: LOP)

Prichard further added that Pat was just tired and didn’t want to commit. Patterson was the first Intercontinental Champion and is a proud member of the WWE Hall of Fame. He is currently working with WWE as a creative consultant.

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