Today it was announced that Smashing Pumpkins frontman and the now former president of Impact Ventures Billy Corgan is out at TNA Wrestling. Having served as the president of Impact Ventures – the parent company of TNA – over the past three months, Corgan sued the company last month seeking majority ownership. Corgan claimed that due to his substantial loan to TNA to essentially keep it afloat and prevent the company from breaching further contracts he was legally entitled to the majority of the voting shares because of a equity pledge agreement and “multiple events of default”.
Unfortunately for Corgan a Nashville court didn’t grant his request of majority ownership but did rule that Impact Ventures must pay Corgan back the loaned money by November 1st.
As of today, according to Corgan’s Twitter feed the money still hasn’t been paid back as he mulls potential future litigation against the company.
https://twitter.com/Billy/status/794232124522004482?ref_src=twsrc%5Etfw
https://twitter.com/Billy/status/794232633207226368?ref_src=twsrc%5Etfw
https://twitter.com/Billy/status/794233412034891776?ref_src=twsrc%5Etfw
So as Impact Ventures continues to stiff Corgan, Dixie Carter and company have apparently found another sucker to siphon money from. Today, Anthem Sports and Entertainment Corp. along with Impact announced a partnership where Anthem would essentially serve as a funding source for the embattled wrestling promotion in order to keep it afloat and continue to produce television.
Anthem has already been a partner with TNA in sense as they’ve ran the Fight Network which serves as TNA’s exclusive broadcast partner in Canada. Furthermore Anthem Executive Vice President Ed Nordholm has been added to the Impact board and will be responsible for making a number of operating and restructuring decisions. Meanwhile Dixie Carter will remain as the chair and maintain her position on the board of managers.
With ratings that continue to fail and a shaky television contract at that you have to wonder how long it’ll be before TNA is in further financial trouble with this backer. Or if Corgan will eventually take them down for good if and when he doesn’t get reimbursed for throwing TNA a financial life raft.