TNA Wrestling has been in a flux for quite some time. We all know by now that TNA Wrestling is being sold, but we don’t know who it is going to just yet. The most likely choice in the stakes was Billy Corgan, as he became the new TNA president a few months back, which is a role he took from Dixie Carter. The idea was that Carter was bad for the business and needed to be removed as soon as possible. Not only did they remove her from TV but also from any creative control, as Corgan took all of that over in the latest batch of tapings.
Now, though, this might be the last thing he does for TNA Wrestling. According to PWInsider, Billy Corgan has filed a lawsuit against TNA Impact Wrestling, the parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA CFO Dean Broadhead, and Carter’s husband, Serg Salinas. Apparently, the filing was done yesterday (October 12) in the Chancery Court in Nashville, Tennessee. Nothing else has been said about the lawsuit filing from either Corgan or TNA’s camp thus far, but many expect something to eventually be released on the matter.
Billy Corgan has been attempting to buy TNA Wrestling as of late, but reports from the Wrestling Observer claimed that there had been several problems between Corgan and Dixie Carter. Corgan did have final say in creative all week long during the tapings, which was a sign that he was taking over. The Observer claims that changes had to happen immediately. Apparently, there was heat between Corgan and Carter, which may have been over a number of decisions being made in regards to the company being sold. The problem has to do with Carter making a mess of things business-wise, from borrowing money to simply making bad talent decisions.
This was why Dixie needed to be taken out of the business altogether, but the problems she caused are still ongoing. TNA still owes money to many people and, of course, has various financial issues due to it. They have hope that they can last until January, thanks to international television money coming in. Interestingly, there is still no word on who is funding the last set of TV tapings, but it has been confirmed it is not WWE.
Funny enough, WWE was in talks with TNA regarding a possible sale but it had to happen with a twist. John Gaburick talked with WWE’s Kevin Dunn about selling the TNA library if it came with a job for Gaburick too. Dunn went to Vince McMahon with the offer, but it was turned down by the WWE Chairman. WWE’s involvement in buying TNA has been going back and forth for weeks now.
Regarding Billy Corgan, he still would like to buy TNA, but the major issue comes with Dixie Carter and the fact that she already owes him money. The thought was that she made him in an investor in hopes to get money out of him to continue the TNA brand going forward, even if the company wasn’t making a dime back. Reportedly, talks to buy TNA had become complicated, to say the least, which may be why Corgan decided to finally file a lawsuit against Carter and TNA itself.
As of now, the only thing he could be suing for is the money he is owed. Since TNA does not have it, there is likely to be a forced sale to Corgan. Alternatively, he could walk away with a good bit of money if he wins a case. This also leaves the future of TNA Wrestling up in the air. It was said a while back that WWE was waiting for things to get to a boiling point, where the company had no choice but to sell. If a lawsuit is filed, it will take a while to get going, and the back and forth could happen for a while, which is much longer than TNA has left before they need financial help.
Without Billy Corgan helping Dixie Carter and the TNA brand, issues will happen with tapings and, of course, contracts. This might be the best time for WWE to jump back in and buy up the business, as the Carter family may have no choice but to sell at this point. Of course, WWE does not want to be involved in the lawsuit, so they may just take away the library, as Carter will need to sell things off if a lawsuit is successful against them and money is needed.
[Featured image by TNA Wrestling]