Well he is a wrestler so you're not far off. It's Haggar from Final Fight and Saturday Night Slammasters. Best piledriver in the business.
Wrestlefest was so good though. When I was a kid my local 7-11 had a cabinet and my daily routine after school was getting off the train, getting a slurpee and playing a credit. One day I walked in and they had replaced it with NBA Jam which was everywhere at the time. I never found another Wrestlefest machine and I was gutted. It wasn't until I discovered MAME years later that I was able to play it again.