Billy Corgan ousted as TNA President
Billy Corgan’s effort to take over TNA Wrestling has failed.
The Smashing Pumpkins frontman and pro wrestling fan has been ousted as the group’s president and, when he asks for it, will have his $1.8 million investment in TNA returned, The Post has learned.
The sudden moves come as a white knight — Anthem Sports & Entertainment, the Toronto-based parent of broadcaster Fight Network, TNA’s Canadian distributor — stepped forward with cash to help out Impact Ventures, the parent of the embattled pro wrestling company.
Anthem’s role as a creditor and not a shareholder means that Corgan lost a second battle with TNA — to cash in on a provision of his loans that would have entitled him to a $900,000 premium should TNA undergo a change in control before he was repaid.
But a judge recently ruled there was no change in control.
“Billy’s saying the company was sold and he’s owed $2.7 million,” said a source close to the situation. “But the court has already determined the company was not sold.”
It was a dramatic turn of events for Corgan, who became TNA’s president in August after riding to the cash-strapped company’s rescue with a cash infusion.
But TNA’s management, including Chair Dixie Carter, soon had a change of heart and sought others with deep pockets to rescue it.
Chafing for more control and fearing the company would be sold from under him, Corgan sued TNA and sought a temporary injunction against its management on Oct 12.
A Tennessee court judge dissolved the injunction on Oct. 31, and determined TNA was not insolvent in a way that ceded control to Corgan.
Meanwhile, without changing equity positions, TNA appears to have found that white knight in Anthem Sports. Carter still owns 92.5 percent of the company, TNA production house Aroluxe Marketing, 5 percent, and Anthem’s Fight Network, 2.5 percent.
Corgan did not take the change in events quietly.
The guitarist took to Twitter on Thursday, saying: “FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge.”
And then: “FACT: I have still not been paid.”
Fight Network eventually responded with a tweet: “Mr. Corgan’s loan will be dealt with appropriately.”
It then got dirty, with Corgan tweeting: “What w/ the lying through counsel + propensity for press releases claiming victory.”
Behind the tweets was the issue of whether Corgan had negotiated a “demand loan” — with terms stipulating he could demand repayment from the company any time after Oct. 31, a source said.
Corgan had not made that demand as of Thursday, but the source said TNA stands ready to return the $1.8 million should the musician do so.
He added that a condition of the repayment will be a “full and final release” of all ties between Corgan and TNA.
On Thursday, in a joint statement, TNA and Anthem said one of the Canadian firm’s executives would join Impact’s board and represent it “on all major operating and restructuring decisions.”
The statement also asserted “Corgan is no longer with the company.”