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TNA Wrestling is about to have a new minority owner, PWInsider.com has exclusively confirmed, in Smashing Pumpkins frontman Billy Corgan.
PWInsider.com has heard from multiple sources, within and outside of TNA, over the last 48 hours that Corgan, after over a year working with TNA, has moved forward with purchasing a minority stake in the company. We have heard from two separate sources that have categorized the deal as being completed while another, while acknowledging things are moving in that direction, cautioned that it's not 100% done. Still, PWInsider.com is confident in our sourcing, so we chose to move forward with the story.
TNA President Dixie Carter would remain the majority owner of the company, although the move obviously bolsters Corgan's influence when it comes to all aspects of TNA. There is no confimed word on how large a percentage of TNA is involved in Corgan's deal at this time.
Corgan, a well known professional wrestling fan who grew up on the likes of wrestling promoted in Chicago by the late Bob Luce (a tape library Corgan would go on to purchase and still owns) and stars like The Crusher and Dick the Bruiser, officially joined TNA in April 2015 with the title of Senior Producer of Creative and Talent Development. He's been involved on camera and behind the scenes, with the company since then.
Prior to his TNA involvement, Corgan worked in the creative reigns of Chicago-area independent promotion Resistance Pro and appeared on camera for the original Extreme Championship Wrestling a number of times. In the documentary "Barbed Wire City", Corgan revealed that in the latter days of that company, Paul Heyman attempted to get him to purchase 10% of ECW for $1 million, but Corgan turned the offer down.
TNA has been seeking "strategic partners and investors" as TNA's John Gaburick coined it to PWInsider.com several months ago, for some time. It appears they have found one in Corgan.
TNA will present Slammiversary 2016 tonight from Orlando, Florida. PWInsider.com will have complete coverage.
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