TNA: Billy Corgan is out, The Fight Network steps in
The 3rd of November, 2016 is a memorable day in TNA Wrestling’s history.
Today the company announced that they were partnering with The Fight Network. Basically The Fight Network gives TNA another funding and (it’s believed) in exchange of an ownership stake. Some TFN executives are now in the board of directors in TNA.
TNA issued an official statement on impactwrestling.com:
Toronto, Canada (November 3, 2016) – Anthem Sports & Entertainment Corp. and Impact Ventures, parent company of TNA Impact Wrestling, today announced that Anthem has provided a credit facility to TNA to fund operations.
Anthem Sports & Entertainment Corp. is a global sports media company that operates Fight Network, Impact Wrestling’s exclusive broadcaster in Canada, as well as the exclusive worldwide digital streaming partner for all TNA programming. It is also an equity stakeholder of Impact Ventures.
The agreement includes the appointment of Anthem Executive Vice President Ed Nordholm to the Impact Ventures Board of Managers. The company will be managed by the Board with Mr. Nordholm representing the Board on all major operating and restructuring decisions. Dixie Carter will continue as Chair of the Company, as well as her position on the Board of Managers. Billy Corgan is no longer with the company.
While The Fight Network / Anthem is a great company and they know how to make good television there’s something really bad about this because Billy Corgan will no longer be with TNA. The Smashing Pumpkins frontman was the president and more recently in power of creative and talent relations. Also he said he was one of the guys who pushed the storyline of Broken Matt Hardy and Brother Nero featuring innovative matches like The Final Deletion and Delete or Decay.
We have to wait and see what this means for TNA and the future of Impact Wrestling.
We can only hope that this is the new beginning for this promotion and leads the way back to the top of the pro wrestling business.
Billy Corgan issued a statement on the Anthem/TNA announcement, stating he was not paid yet and he may turn his loan in to 36% equity stake.
FACT: I have still not been paid, and I'm exploring all remedies including new filings with court and converting to 36 pct. equity
— WPC (@Billy) November 3, 2016