Every time it seems as if there’s hope for TNA Wrestling to dust off all of the bad publicity and march on towards a bright future, it seems to walk into quicksand or molten lava or a mine field. If Bryan Alvarez and R.D. Reynolds changed their minds and decided to do a sequel to their best-selling novel, The Death of WCW, an aptly titled follow up called TNA’s Slow March toward Oblivion, the past few weeks would make up at least a chapter or two.
As reported some weeks ago, former Smashing Pumpkins lead man, Billy Corgan, was given the position of TNA President, but was not given the whole scoop as to how bad off the company was. They were allegedly borrowing from one creditor to pay off another. It got so bad that on three different occasions, Corgan had to front his own money to make sure television tapings occurred as scheduled. The deal that he cut with Dixie Carter basically stated that if he was not repaid, he would get a huge stake in the company (allegedly 36%). Unfortunately, the other persons involved in that deal have not only failed to pay him back, but a ruling in Tennessee court stated that the deal was not a valid one in that state. Essentially, Corgan got screwed out of $1.8 million.
To make matters worse, Anthem Sports and TNA have entered what they called a credit-based relationship. They seem to be on friendly terms with Dixie Carter, who appears to have gotten back into a position of power within TNA. She sent out a memo to all TNA employees stating that she’s “concluded agreements with Anthem for a funding plan that will stabilize the company”. Corgan was confirmed to no longer be with the company, much to the chagrin of fans and even talent who aren’t concerned with the consequences of voicing their displeasure at this. The ‘Miracle Mike Bennett sent out a tweet that was brief, but spoke volumes about the entire situation;
“Welp, back to bad business as usual. ”
It is unknown if Aroluxe Media, the company still overseeing the production of the television tapings, is also in on this power play, but Anthem Sports’ decision to back Carter, after the business dealings gone awry in the past, her very public financial ordeal with Corgan, as well as the bad publicity she brings to the product, is questionable to say the very least.
If anything has been proven true about Billy Corgan over his decades in the entertainment business, he is persistent. This past Tuesday was the deadline issued for Carter to repay the loan that Corgan provided and the payment has yet to be issued to him. He stated that the powers that be asked for another day to get the money together and they’d reach out directly to settle all claims. He gave them two days and still the funds haven’t been repaid. Corgan stated that he’s been lied to yet again. These were the last words that Corgan had to say on the matter;
“FACT: I have still not been paid, and I’m exploring all remedies including new filings with court and converting to 36 pct. equity.”
The vexation that this entire legal quagmire has brought me has destroyed any hope I had for TNA to become a major player on the national stage again. Corgan has the entertainment experience, the business acumen, the love of professional wrestling and the FAITH OF THE FANS AND THE TNA EMPLOYEES to get them there. Since he came into the company over a year and a half ago, Corgan brought with him a creative energy and passion that seemed to spread to the wrestlers and production staff. The product in 2016 was better than it had been in over a decade. With Corgan out and Dixie Carter back in, that march towards oblivion is renewed in earnest.