I was looking at the comments of a SquaredCircle post. I don't often do this, it being Reddit and all. But the post was a gif from a match, and I wanted to see what the match was. Perusing the comments, one commenter noted that, in the match, Flair was reffing in red boots. This made me think of NJPW referee "Red Shoes" Unno (see below):
I decided to run through a few Flair matches I've seen to test these allegations. Follow me . . .
I've recommended Flair vs. Sting at Starrcade '89 before. Sting beats Flair (spoiler). Flair isn't in red, but his trunks are sorta off-pink. How John Wayne of him!
Did you know that Flair wrestled in North Korea? Yep, and he got beat by legend Antonio Inoki. I can't tell from Google Images whether his trunks are blue or purple though. This is like The Dress all over again!
Flair lost to Ricky Steamboat in this six-star classic. And he did lose in red trunks! One out of three ain't bad.
Well, those are all the matches that come to mind straight off the chrome dome. I'll have to refer to my observation journal to see if the lack of pattern holds for other seen matches. But, for now, consider this myth . . . BUSTED.