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TNA’s financial mess: 3.4 million owed to investors, fraud allegations, more

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As we learn more about the company’s financial straits, it’s increasingly clear there won’t be an easy fix for TNA. Though it was only about a week ago, it seems like forever since a rumored sale to Billy Corgan and WWE was being touted as a win-win for the company and fans.

Here are the latest reports on the promotion’s woes:

- The lawsuit from Audience of One (AO1) Productions is believed to be for approximately $300,000, per Wrestling Observer. That’s money owed, plus interest, for producing multiple television tapings and Bound for Glory 2015. They apparently were received the first scheduled payment for services, but never got the bulk of payment.

- In reviewing the A01 filing, SEScoops revealed the last minute funding for this year’s Bound for Glory pay-per-view (PPV) and the tapings which occurred the week of Oct. 3 came from MCC Acquisition Corp. out of Canada. MCC is affiliated with Anthem Sports & Entertainment, the parent company of TNA’s Canadian broadcast partner, The Fight Network.

- In reporting on the tax lien we told you about yesterday, The Tennessean says TNA owes 3.4 million dollars to Anthem, Aroluxe and MCC. Anthem also owns some rights to the Impact Wrestling video archives believed to be of interest to Vince McMahon and WWE Network.

- Those debts do not include what Dixie Carter and/or the company owes Billy Corgan for the tapings he funded. Dave Meltzer at the Observer notes the Smashing Pumpkins front man provided that money on the belief Carter would sell TNA to him. When he determined she wasn’t going to do that, he wanted his money back - but TNA doesn’t have the funds to repay him.

- Meltzer also said, “There's fraud involved as well. [Corgan] not being told of certain financial things and information withheld by Dixie Carter to Billy Corgan that he should have known.”

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