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Bankruptcy on the Horizon for TNA?
We reported a couple of weeks ago that World Wrestling Entertainment had purchased the TNA video library. Apparently, that didn’t seem to be the case as TNA still retains control and WWE seems to have backed away. But rumored interest in purchasing them has resurfaced. What has the buzzards of WWE corporate circling around TNA? Possible bankruptcy, apparently.
It is being reported by The Wrestling Observer that TNA may be in the process of filing for Bankruptcy. This does seem like the death knell for the number two or three promotion in the United States. But desperate times call for desperate measures.
If TNA files for bankruptcy, the crushing debt that is hanging overhead, like the Sword of Damocles, will be wiped out. the main creditors would be Billy Corgan, Aroluxe, and The Fight Network. Some feel that this is an incredibly drastic measure. Even if events do unfold in this manner, a huge stain would be left on the company, even if they were to rebrand. This is not even going into the problems that bankruptcy wouldn’t get rid of.
Dave Meltzer also reported that Dixie Carter does not want to look bad in all of this.
“The whole thing is, Dixie is still trying to figure out a way – this is why it hasn’t been sold – I don’t know if it’s to stay in control but the whole thing is, she doesn’t want to look bad publicly.”
Really? How much more negative press does one need to bring upon themselves or the company that they hold so dearly? Carter has been responsible for so many of TNA’s woes over the past 6-8 years. From getting rid of trusted hands in front of and behind the camera in favor of Vince Russo, to bringing Russo back on board after Spike TV demanded he be removed from the company (which led to Spike TV dropping TNA programming), to cutting very unbeneficial deals with both Destination America and Pop TV, to borrowing from Peter to pay Paul so many times that they are on the brink…
What will be the final verdict on the finances of TNA? We will bring you more news as it unfolds.