clock menu more-arrow no yes

Filed under:

Billy Corgan is threatening to auction off his stake in TNA to a pro wrestling ‘titan’

New, 38 comments

The saga of Impact Wrestling and their brief-yet-newsworthy business relationship with rock ‘n’ roll musician Billy Corgan took another turn today (Nov. 4) when The New York Post published a story on his being “ousted as President of TNA”.

Corgan took issue with a couple claims in the article - that the Tennessee judge in his case against Impact Ventures ruled he didn’t have to be repaid $2.7 million because Anthem Entertainment is providing capital to TNA as a creditor rather than a new stakeholder, meaning the company hasn’t been sold and change of ownership clauses in Billy’s agreements with Impact haven’t been triggered, and that he’s required to ask for his money back. So he Tweeted about it:

The bit about the “‘so-called’ loan” appears to be key, because Corgan goes to lengthes to again clarify he - unlike Anthem - was an owner, not a creditor. And he believes that means he has more legal options available to him... including selling his equity stake to someone who sure sounds like Vince McMahon:

Unless there’s another major player in sports entertainment whose headquarters buildings are referred to as “Titan Tower”.

As Geno pointed out yesterday, this legal beef isn’t going anywhere. We’ll let you know if we get word Corgan’s been repaid - or if he files new paperwork with the courts to further fight Anthem and Dixie Carter’s efforts to move forward with “good ‘ol solvent TNA”,