TNA shake-up: Billy Corgan now President, takes over day-to-day operations

No word yet on what exactly this means in terms of the company’s financial structure or position, but TNA sent out a press release earlier announcing a change in roles for IMPACT Ventures’ management team - notably Billy Corgan moving into the President job and taking over day-to-day operations, while Dixie Carter becomes Chairman and Chief Strategy Officer focused on long-term growth.

IMPACT Ventures is the parent company for TNA Wrestling. For months, there’s been reports the company was seeking additional investors in order to remain in business, and that one condition Carter had for new players was that she remain in control. Corgan, already attached to the product as a creative team member, was said to be have contributed enough capital to the enterprise so they could hold their June tapings.

That allegedly made the musician a minority stakeholder. This rearranging of roles could indicate anything from his investing additional monies to a condition of his previous buy-in - or it could be a completely unrelated decision.

While we wait for sourced reports on what’s behind the move, here’s the company’s official press release, with quotes from Dixie & Billy:

IMPACT VENTURES NAMES BILLY CORGAN AS ITS NEW PRESIDENT, CURRENT PRESIDENT DIXIE CARTER BECOMES CHAIRMAN

NASHVILLE, Tenn. -- IMPACT Ventures [IMPACT], the parent company of TNA Wrestling and IMPACT WRESTLING, today announced the appointment of Billy Corgan as its new President. Current President Dixie Carter becomes Chairman and Chief Strategy Officer of IMPACT.

As President, Billy Corgan will be responsible for leading day-to-day operations for IMPACT and its affiliated brands. As Chairman, Carter will focus on long-term planning, strategic partnerships and global growth.

"Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling," said Carter. "In working with Billy over the last 16 months, he has impressed me to the point that I've been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment."

"We are entering an exciting new era for IMPACT and will be working to continue to define our brand, develop global strategies for success, and structure for future investment and growth," added Carter. "These moves, effective immediately, signify the team's determination to work together to effectively cover more ground and capitalize on TNA's current momentum that has seen ratings rise in recent months."

Corgan, 49, is an American musician, songwriter, producer, TV writer and poet, best known as the lead singer, guitarist, and sole permanent member of The Smashing Pumpkins, who have sold more than 30 million albums worldwide and won multiple Grammy Awards. Corgan joined IMPACT in May 2015 as a senior producer.

"I believe in this company, its passionate fans, the talented roster and the dedicated staff and crew," said Corgan. "I am committed to this great opportunity and will use all of my resources and connections to drive the success of this company. This year we have made significant strides in establishing a strong foundation for our future and will be aggressive in continuing to evolve and grow the IMPACT brands."