TNA’s status has been up in the air for a long time now. The catastrophe started the week before Bound For Glory, and over the course of the weeks, there has been so much ambiguity over the ownership of the company.
While it was reported that Billy Corgan is now the majority owner, it is still unclear. Furthermore, it was revealed that TNA owed money to multiple companies, people, and most importantly to the state of Tennessee.
On a recent edition of the Wrestling Observer Radio, Dave Meltzer said that TNA is likely to declare bankruptcy soon. He said “They’re probably gonna end up filing for bankruptcy. And then what happens? I don’t know.”
He proceeded to say,
“Dixie is still trying to figure out a way to — this is why it hasn’t been sold — to…I don’t know if it’s to stay in control, but the whole thing is she doesn’t want to look bad publicly.”
Sescoops.com clarified that to avoid confusion in the topic, bankruptcy does not necessarily mean that they are going to be going out of business. They stated that there are two kinds of bankruptcies – The first one is the type that the average person associates with bankruptcy, which is liquidation and practically guarantees the end of the company.
The second one is about restructuring and allows a chance for the company to continue operating while settling the debts.
It is highly likely that TNA will go with the second option if they are truly under Corgan. But the ambiguity makes it very hard to say whether Corgan is truly the owner or not. Whatever it is, the signals are still indicating that the doors are closing in on TNA. Let’s take a look at the updated list of their creditors.
- Audience of One Productions
- Aroluxe Media
- Anthem Sports and Entertainment
- The state of Tennessee
- American Express Travel Related Services Company
- Multiple wrestlers who have not been paid fully
- It should be noted that while Corgan is owed money, it is money that Dixie Carter owes Corgan personally. There are very likely more places which TNA owes money to, that have yet to be revealed. Some of the above-mentioned names have filed lawsuits against TNA.
- Here is to hoping TNA under Corgan manages to break the walls down and pay back their creditors.
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