Report: Corgan Unhappy With Level Of Control In TNA

The saga over TNA's future and ownership continues. A new report indicates that Billy Corgan, who has been attempting to buy the company outright but now has filed suit against the wrestling promotion, is upset over the level of control and ownership he has in the company.

The New York Post reported this in an article regarding Corgan's suit, citing an anonymous source close to Corgan who said, “He expected to have more control after investing in TNA, but it hasn’t turned out that way.”

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Corgan has not commented publicly on the suit other than a statement released Friday, saying, "As president, Billy is looking out for the long-term interest of the company, its employees, its talent, as well as its stakeholders and contractors."

As reported earlier this week, Corgan filed suit in Nashville, Tenn., on Tuesday against TNA Impact Wrestling and their parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter’s husband Serg Salias.

A hearing for a temporary injunction is scheduled for this coming Thursday.

This is just one of the problems currently facing TNA, which just wrapped tapings of Impact Wrestling that will provide episodes through the rest of the year. The company also is being sued by Audience Of One Productions, the former production company that the promotion used. Meanwhile, last month, the state of Tennessee issued a lien against TNA Entertainment for unpaid state taxes. The amount owed is so significant that the state can seize property and/or assets if the tax debt goes unpaid. Tennessee state law also would apply to any successor companies, which means any entity that might buy TNA would be responsible for paying the debt.

 

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