Their first title reign started with a defeat of the Wrecking Crew on December 26th 1976 in Greensboro, NC and last 133 days until they lost the belts back to the the Anderson on May 8th 1977 (below) in a cage with special guest referee Wahoo McDaniel. After losing the belts on a botch suplex by Flair they proceeded to beat up McDaniel and the Andersons until Paul Jones made the save. Ole was stretchered out due to the bad suplex that "injured" his neck.
Valentine and Flair won the belts from the Andersons again for the titles on October 30th 1977, also in Greensboro, NC. This reign lasted for 153 days until they were stripped of the belts due to continually ending their title matches in disqualifications (and Flair moved into the running for the NWA World Heavyweight Title),