TNA News: The Fight Network's parent company helping TNA pay debt to Billy Corgan
TNA has been dominating the pro wrestling news world of late due to the possibility of the promotion meeting its end.
TNA has been dominating the pro wrestling news world off late. But that’s only because of the possibilities of the promotion meeting its end. But today, The Fight Network's parent company Anthem Sports & Entertainment Corporation, which owns a stake in TNA, issued the following statement:
Toronto – Anthem Sports & Entertainment Corp. ("Anthem"), the parent company of Fight Network, today confirmed that it recently made a working capital loan to fund the operations of TNA Impact Wrestling. Fight Network is a licensee of TNA programming for broadcast in the U.S., Canada and other international markets, and is also the exclusive licensee of TNA for streaming Internet-delivered TV.
Fight Network has also offered to provide TNA Impact Wrestling with funding to repay the loans made by Mr Billy Corgan and is positioned to provide additional transitional assistance to the company.
"TNA is a strong property for Fight Network and as a licensee and global distribution partner we have a keen interest in seeing the company not only survive but continue to grow and thrive, alongside our own growth," said Leonard Asper, CEO of Anthem.
"We are hopeful that the company can soon get back to doing what it does best, which is to produce great wrestling content."
Earlier, PWInsider had reported that TNA President Billy Corgan had filed a lawsuit against Dixie Carter, TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chief Financial Officer Dean Broadhead and Dixie's husband Serg Salinas. Corgan has reportedly put up a lot of money into keeping TNA going.
Basically, Corgan saved TNA from shutting down completely by providing them with emergency funds for their tapings. He apparently owns a fair-sized piece of their business and isn't happy about what has been going on backstage.
Apart from that, Ryan Satin of prowrestlingsheet.com tweeted about it stating that even a restraining order has been filed. We don’t know against whom, yet.
Until yesterday, reports of TNA filing for bankruptcy were doing the rounds. The idea was that it would absolve their debt. While there is currently no knowledge of what would happen next, the main creditors would be Billy Corgan, Aroluxe, and The Fight Network. All of which have a stake of some kind in the business.
This news might help TNA heave a sigh of relief.