Technically speaking, "Las lobas del ring" ("She-Wolves of the Ring") is a pretty bad film. The plot is ridiculous, the acting pretty poor and the whole thing is rather silly. That being said, it's also weirdly enjoyable because it is so very cheesy.
The story begins with some promoters coming up with an idea...to have a women's wrestling tournament where it's winner take all...and the winner will receive 1,000,000 pesos. Two main factions are vying for the prize...one that is nice and one that is like Team Evil. Who will prevail...especially since Team Evil seems willing to do just about anything to win.
Part of the reason the film is cheesy is that I saw an English language dubbing and the quality of the dubbing was terrible. But it doesn't exactly scream 'quality'...except during the very high speed wrestling matches.
By the way, this film is a great example of changing times. One of the funny(?) parts of the film is about a female wrestler who takes delight beating the crap out of her husband. Seen today, it's not cute but rather disturbing.