The unflattering article -- which paints Flair as a troubled, irresponsible mess of a person -- ran on an ESPN affiliated website called Grantland.com ... and the report is mostly based on court documents.
But Flair is particularly pissed about the reporter's claim that he suffers from Alcoholic Cardiomyopathy -- a disease caused by years of alcohol abuse which often leads to heart failure.
A rep for Flair -- -- whose real name is Richard Fliehr -- tells TMZ, "While the information gleaned from courthouse records may be credible, Mr. Fliehr is currently evaluating his legal options with respect to falsehoods in the story, specifically the untrue statement that he suffers from alcoholic cardiomyopathy."
The rep adds, "Our client understands that these allegations are part of the territory when you are not only famous, but a living legend."
Update: Ric Flair would likely have a hard time suing over the Grantland.com article claiming he has Alcoholic Cardiomyopathy, since Flair himself already admitted it in his WWE autobiography "To Be The Man."
Gary sent along this Google Books excerpt of Flair writing about the diagnosis..