The Main Event V took place on January 28, 1991 from the Macon Coliseum in Macon, Georgia, and aired on Friday February 1, 1991 at 8pm ET.

KNBC, the NBC-owned-and-operated station in Los Angeles, did not air this program when it was shown by the network on February 1. That day, a collision took place at Los Angeles International Airport between a US Airways passenger jet and a SkyWest Airlines commuter plane. The crash occurred in the late afternoon, and KNBC opted to air news bulletin coverage of this story throughout the night. The station did replay the program unadvertised on a later date.

This show drew a 6.7 rating, which was at the time the worst rating any WWF program had received on NBC despite the presence of Hulk Hogan. This has been blamed on the controversial Sgt. Slaughter Iraq storyline that was on going at the time.

WWF President Jack Tunney declared Hulk Hogan the number one contender for Sgt. Slaughter's WWF Championship at WrestleMania VII.