The New York Post wrote a story about TNA President and Smashing Pumpkins’ Billy Corgan on his plans on becoming the majority owner Impact Wrestling.
Corgan revealed that a sale price has been agreed to and hopes to have the sale completed by the TNA Bound For Glory pay-per view on Oct. 2nd.
“I would love nothing better than to stand up in front of everyone and give a clear picture of where this company is and where it’s going,” Corgan said.
In a recent move, Corgan has retired the King of the Mountain title on Impact and introduced the Grand Championship title, a title that is won strategically with its own set of rules.
However, Corgan also shared that there’s still “a lot of people at the table.” The story noted TNA Chairman Dixie Carter, Corgan, Aroluxe Marketing and Canada’s Fight Network all have equity stakes. Even WWE and and Sinclair Broadcast Group, owner of the Ring of Honor wrestling organization have been rumored to place recent bids.
Corgan wouldn’t go on to reveal the sale figure but The New York Post estimated it to be around $40 million basing it on WWE’s market value of two times revenue. There’s high talk about how believable these figures are.
All we can do is wait and see and hopefully by Bound For Glory we find out where and in whose hands the future of America’s second largest wrestling promotion lies in.
TNA Impact Wrestling can be seen every Thursdays at 8/7c on Pop.
What do you think will happen to TNA? Is it worth saving? Who should have complete ownership of the company?