TNA News: Billy Corgan agrees to settlement with TNA
Pro Wrestling Sheet broke the news that Corgan released a statement on Monday. In the statement, Corgan mentions that he has officially come to a settlement with TNA. He stated:
“I’m pleased that an agreement is now in place that allows wrestling operations to continue, for my interest from the start was to provide support, be it material or creative, to such a great roster and crew.”
Corgan had tweeted on November 11th that he had reached a settlement.
However, the deal may have only recently been completed as he just put out the statement on Monday
Just signed my settlement with TNA/ANTHEM. And to fill in the blanks I'll do a few interviews next week to spell out what is/isn't in it— WPC (@Billy) November 11, 2016
According to Corgan, TNA owed him a total sum of $2.7 Million. He lost his lawsuit against TNA in claims for ownership, thus losing his position as the President of the company as well. On November 4th, he went on a twitter rant publicly, demanding the repayment of his loan.
Anthem Sports, the latest party funding TNA looks to have paid back every cent owed to Corgan. Therefore TNA have managed to get bailed out once again.
Corgan did formally wish TNA his best wishes for their future. He stated:
“And as I plan on continuing in the business side of pro wrestling, I look forward to seeing where Anthem’s leadership takes the company in 2017, and wish them the best”
Corgan has had experience in pro wrestling prior to TNA, as he previously handled Chicago’s Freelance Wrestling organisation.
His issues with TNA were numerous, with him claiming that he had not been told of many things despite being President. Some of the information hidden from him included WWE’s offer to TNA and the amount of the said offer.
TNA’s side of the story claimed that Corgan came into their office in Nashville very rarely, and when he did, he would be involved with mainly the creative side of things.
TNA has also had multiple other lawsuits piling on to them over the course of the last few months. Given that Anthem is funding them, it is highly likely that Anthem has cleared off all of the company’s debts so that they could be rid of the lawsuits that are (or were) piled on them.
It was also reported that Ed Nordholm of Anthem will now be the one handling TNA and not Dixie Carter.
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