In February 2004, just a month after holding its Reloaded event, MLW owner Court Bauer closed the promotion due to financial problems.

[7][8][9] On August 7, MLW launched a new over-the-top service MLW.tv and it was announced that One Shot would be streamed on the platform to be accessible for audiences worldwide.

[18] On August 13, Miami Herald broke the news that former WWE and New Japan Pro-Wrestling star Montel Vontavious Porter would make his MLW debut as Callihan's opponent at One Shot.

[19] On August 17, Sporting News reported that Jeff Cobb would be making his MLW debut at One Shot.

[29] The final three names to compete at One Shot were announced to be Mike Parrow,[30] Rhett Giddins[31] and Seth Petruzelli.

[32] A tag team match was set up for One Shot pitting Giddins and Petruzelli against Parrow and Saieve Al Sabah.

Next, Rhett Giddins and Seth Petruzelli took on Parrow and Saieve Al Sabah in a tag team match.

Near the end of the match, MJF faked a jaw injury and distracted the referee as he kicked Yuta in the groin and pinned him with a roll-up for the win.

Strickland blocked a kick by Ricochet and applied a cross armbreaker to force him to submit to the hold.

Jason Powell of Pro Wrestling Dot Net considered One Shot to be "a fun show".

It stood out nicely on a show filled with mostly straight forward wrestling and was well received by the live crowd."

According to him "Mia Yim vs. Santana Garrett was very good on the undercard, as was (Tom) Lawler vs. (Jeff) Cobb.

The crowd wasn’t super hot all night, but they were good for Sami Callihan vs. MVP and Shane Strickland vs. Ricochet.

They paced it well and told a good story with Strickland working over Ricochet’s arm throughout the match before submitting him in the end.

[41] Shane Strickland and Sami Callihan were mysteriously attacked by two assailants outside Gilt Nightclub after One Shot.