TNA Issues Statement On Losing Major TV Deal, Blames Spoilers?

Challenge TV revealed that they will no longer air TNA in the United Kingdom starting in January 2017. The Challenge TV deal was one of the two biggest revenue streams for the company, with the other being their TV deal with Sony Six in India.

TNA issued the following statement regarding losing the deal, and appear to blame spoilers for the cancellation. It should be noted that spoilers have been leaking for TNA since Impact Wrestling first started airing in 2004. The Challenge TV deal started in 2011, and Challenge renewed TNA for three years in 2014.

Below is TNA's statement:

We are proud to have had such a great relationship with Challenge, and appreciate how the channel brought Impact Wrestling to our avid viewers through the years. In today's world, spoilers are inevitable. We've heard from the amazing fans in the UK and know you do not want to wait 3-5 days to watch the program after it airs in the US.

Our goal is to broadcast Impact Wrestling in the UK as close to the US premiere as possible. We look forward to announcing that opportunity soon, so stay tuned. In the meantime, we hope you continue to watch Impact Wrestling on Challenge, Sunday nights at 9pm, as well as Xplosion and pay-per-views and follow us on social media. Thank you.

It should be noted that TNA could technically be dropped by Sony Six as well, since part of that deal was that they tour India once per year, which they haven't done.

TNA Court Ruling, Who Will Be In Charge

Chancellor Ellen Hobbs Lyle today ruled against Billy Corgan's request for a temporary injunction against TNA, which would have prevented the company from making major business decisions or sell the company without Corgan being involved in the decision. TNA can proceed to run the company without Corgan being involved.

Corgan will be paid back for the loans he made to the company, which are due tomorrow, November 1st. Corgan is effectively out of the picture, although he could still move forward with his lawsuit. Corgan had made three loans to the company, with the third one having a provision that would have granted him Carter's 92.5% voting rights. The judge ruled that the provision was unenforceable.

The company has until tomorrow, Tuesday, November 1st to repay Corgan's $1.8 million loan. Anthem Sports & Entertainment Corp., the parent company of the Fight Network, had previously agreed to repay Corgan, however were unwilling to pay a 50% corporate transaction fee, which would have been in the neighborhood of $900,000 of the $1.8 million loan. PWInsider noted that the court ruled that there is no reason for Corgan to be owed the transaction fee because there is no evidence on what has been filed so far that proves that there has been an acquisition of TNA and it's parent company. Corgan does have the option to convert that debt into a 36% ownership stake in the company, although that appears unlikely.

Assuming that Anthem repays Corgan, that would reportedly give them 85% control of the company, with Aroluxe having a 10% stake and Dixie Carter retaining 5%. Jason Brown of Aroluxe, who has been running the day-to-day operations of the company, is expected to take over as President. PWInsider had recently reported that with Anthem in charge, there would only be 3-4 television tapings per year.

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Billy Corgan - TNA Lawsuit Update

The Tennessean’s Nate Rau is present at the Billy Corgan / TNA Wrestling hearing today, and is live tweeting some notes about today’s events (events from Rau’s account are summarized below):

It was noted that Dixie Carter is present, however Corgan is represented by his attorney, Scott Sims.

Sims claims his client saved TNA Wrestling on three separate occasions. Sims claims Corgan and Carter entered a pledge agreement that included an insolvency cause, and that TNA misled Corgan about the company’s various debts. It was noted that proving both of these points is crucial to the lawsuit.

Corgan was named President of TNA, but excluded from management decisions, and there is no doubt TNA is insolvent. In regards to a transfer of ownership, TNA’s defense argues no deal making Corgan owner was approved, and Sims says they ‘basically have a pledge with a voting proxy.’

It is said by TNA that financial situation is the same as when Corgan signed his pledge agreement, but Sims says Corgan did not know how much debt TNA was in when he put up money to finance tapings. TNA says talents not being paid is due to the lawsuit, but Sims says it is untrue and TNA is insolvent, noting a 52% increase in liabilities since June, and argues total debts are likely higher.

Sims confirms WWE negotiations, saying there’s been no effort for TNA to assign a value to assets, including the TNA video library, and that WWE submitted a lower offer than their first one.

Sims says WWE’s offer is lower than Corgan’s estimate of TNA’s total liabilites. It is argued in defense that WWE and others may have offered to invest in TNA, but it does not prove the company is not insolvent. Rau notes Sims said Corgan is owed $1.8 million from Anthem, who owns the TNA video library license rights.

Anthem’s previous press release about funding TNA is referenced, noting Corgan’s debt would be paid, and Aroluxe’s Jason Brown would become new CEO. Sims says Carter made Corgan an offer to buy her out, then says she emailed WWE to say she won’t sell to them until Corgan is gone. This would conclude Sims’ argument, with TNA lawyers set to speak.

More From Billy Corgan's TNA Lawsuit: WWE, Replacing Management, Wanting Control Of The Company

A redacted version of Billy Corgan's lawsuit against TNA was unsealed today. A lot of it was information that was already known, but here are some details from the lawsuit courtesy of The Tennessean:

* Dollar figures and other details regarding the company's operations were blacked out.

* A hearing is scheduled for this Wednesday.

* Corgan granted an injunction wanting control of the company. He claims that he entered a loan agreement with Dixie Carter who agreed to give Corgan 100% of her stake in the company. Corgan says that the agreement was not honored and he has not been granted control of the company.

* On October 12th, Corgan notified the defendants that he was exercising his right, as holder of (Carter's) voting rights in Impact Ventures, to remove all of the company's managers and have them replaced with his own team.

* Corgan said that the company is "insolvent," meaning that they are unable to pay their debts and their liabilities exceed the value of its assets.

* TNA owed money to Aroluxe Marketing. Corgan invested month into Impact Ventures in order to prevent the company from defaulting on their debt to Aroluxe, which would have allowed Aroluxe to foreclose on TNA's assets.

* It was noted that TNA entered into debt-equity agreements with The Fight Network's parent company, Anthem Sports & Entertainment Corporation, which owns the licensing rights to its video library.

* Corgan said that Carter told TNA talent that WWE was looking to but its video library and asked that his loan agreement be recognized, which would allow him to take over the company.

Daughters Of DDP, Hulk Hogan And Others Starting A New Wrestling Promotion

Diamond Dallas Page's daughter Brittany reveals that she's starting a women's wrestling promotion to go against TNA Impact Wrestling, along with Hulk Hogan's daughter Brooke Hogan, Lacey Von Erich of the legendary Von Erich family, Roddy Piper's daughter Ariel Toombs and Bianca Brigitte VanDamme, daughter of Jean-Claude VanDamme. She also mentions Christy Hemme being involved, apparently in an authority role.

Page says they have surprises lined up and are very excited about the project and that her dad will be involved because fans want to see the first generation vs. the second generation.

TNA Files Legal Response to Billy Corgan Lawsuit, Details on What Happens Next and the Chances of a Settlement

According to PWInsider.com, earlier this afternoon in a Nashville Chancery Court, TNA filed a legal response to Billy Corgan’s lawsuit. The response documents remain sealed, but the report noted 12 pieces of material were submitted to support a defense argument TNA is making regarding the proof of solvency, which was originally published in a 2007 article in The Business Lawyer. As noted, Billy Corgan previously claimed TNA is insolvent, which in legal jargon means a person or persons has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due, or is insolvent within the meaning of the Bankruptcy Code. TNA will attempt to use the 2007 Business Lawyer article about proof of solvency as precedent in the case, as Dixie Carter is claiming the company is not insolvent.

Furthermore, PWInsider is reporting Billy Corgan’s lawyers will file a redacted version of their lawsuit tomorrow at around 3pm. The lawsuit will be redacted as Corgan feels there are details in the lawsuit that should not be made public, as they could be harmful to TNA if discovered by competitors.

It’s being said any chance of a settlement in the case will hinge on what transpires in the next twenty-four hours, to prevent Corgan’s allegations against TNA from becoming public record.

Billy Corgan Wants Details On TNA And WWE Sale Negotiations

Documents obtained by Pro Wrestling Sheet pertaining to Billy Corgan‘s lawsuit against TNA Wrestling reveal he is pursuing all correspondence that the company had with WWE about a potential buyout dating back to January 2016.

The lawsuit reads that Corgan's legal team want to see “all documents sent or received from WWE or any of its representatives from January 1, 2016 to present.”

Corgan wants TNA to admit they have to default on a loan which they were suppose to pay him back in June. This would allow Corgan more control over the company including firing top executives and installing his own team.

As reported by PWInsider, Corgan wants the company to admit that they can’t pay their debts. Carter and Impact Ventures, however, have both filed responses saying they’re not insolvent.

Corgan has also requested that the location of TNA’s tape library be disclosed.

Bankdirect Capital Finance, LLC Files Lawsuit Against TNA

Yes, another ONE has emerged out of nowhere. This one has been filed in Cook County, Illinois for late charges, interest and attorney fees.

This lawsuit is for $207,612.29 and it was filed against TNA Entertainment, LLC on 9/29. BankDirect paid TNA $400,146.00 so that TNA could pay insurance premiums. An agreement was made for TNA to give money back to BankDirect, but they are still $207,612.29 behind on paying them back. TNA was supposed to make ten monthly payments of $41,032.45. The new lawsuit was first reported by Dave Meltzer over on The Wrestling Observer.

TNA has lawsuits filed by the following companies:

Audience Of One production company – $223,000 plus interest and post-judgment costs
Billy Corgan – most of the lawsuit details are sealed
Bischoff-Hervey Entertainment – $114,500.02
American Express Travel Related Services Company – $269,040.50

Bruce Prichard discusses how TNA botched Bobby Roode’s contract talks in 2013, Dixie Carter’s mishandling of talent pay

On this week’s episode of Bruce Prichard’s podcast “Something To Wrestle With,” the main topic of discussion was Prichard’s run with TNA Wrestling. Prichard joined the company in 2010 and eventually became VP of Talent Relations. He worked with TNA until July of 2013.

There are tons of TNA stories included in the podcast but one of the most interesting stories is about former TNA World Champion Bobby Roode. Prichard said that, in 2013, Roode’s contract was supposed to roll over for another year so essentially TNA had the option to extend it for one more year. Prichard said that he signed it well ahead of time and he had the emails and copy of the signature. Prichard said that he got a call from Roode saying that his contract expires in 3 days and he had not heard anything from the TNA office. Prichard responded, “Bobby, I sent you an extension. I signed your roll over a couple of months ago.” Prichard then forwarded the email to Roode but this was the first time that he had heard about any of this. Roode’s contract stipulated that he had the option to negotiate elsewhere if TNA did not sign off on the rollover.

Prichard went to the person that was supposed to mail out the original signed contract that was supposed to be sent to Roode and he says that the person told him that she mailed it out so he asked for a copy of the bill showing that it was mailed out. Prichard said that her face (the person at the TNA office) kind of went white like she saw a ghost and said “well, I don’t know if I can get that.” Prichard was told that there was a problem with their FedEx account so they were only using UPS. Prichard knew at that point that the roll over contract was never sent out to Roode. Prichard said that “the folks that were in charge of actually doing that felt that Bobby Roode wasn’t necessarily necessary and that if his contract expired then they wouldn’t be obligated to pay him what his contract called for and they could renegotiate at a lower rate. The problem with that is that Bobby Roode was worth every penny that he was being paid [and] probably more. The other thing about it was that we had him figured into our [creative] plans. We had long-term plans with Bobby.”

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Billy Corgan Says TNA Is Insolvent; Corgan To Approve New Business Deals, Tape Library Note

Court documents in Billy Corgan's lawsuit against TNA and others were unsealed today. One such document, a temporary restraining order against the defendants (TNA, TNA's parent company Impact Ventures LLC, Dixie Carter, her husband Serg Salinas, and TNA Chief Financial Officer Dean Broadhead), revealed that Corgan claims that Impact Ventures is "insolvent."

In part, the order provides that Corgan "is likely to prevail on the merits of its claims because Impact Ventures LLC is insolvent, and, as a result, plaintiff is entitled to exercise controlling voting rights in the company."

Also, the order dictates that TNA and Impact Ventures are prohibited from taking any action without Corgan's consent. Essentially, this means that TNA cannot enter into any new business deals without Corgan's approval.

Additionally, neither side of the litigation may sell TNA or its tape library until ordered by the Court. This development may put TNA in a difficult position; however, it also prevents Corgan from selling his claim to TNA to a third party.

The Fight Network's Parent Company Issues Statement On TNA, Helping TNA Pay Debt To Billy Corgan

The Fight Network's parent company Anthem Sports & Entertainment Corporation, which owns a stake in TNA, sent us the following statement regarding their relationship with TNA. It was noted that they offered to provide TNA funding to repay the loans made by Billy Corgan and that they are "positioned to provide additional transitional assistance to the company":

Toronto – Anthem Sports & Entertainment Corp. ("Anthem"), the parent company of Fight Network, today confirmed that it recently made a working capital loan to fund the operations of TNA Impact Wrestling. Fight Network is a licensee of TNA programming for broadcast in the U.S., Canada and other international markets, and is also the exclusive licensee of TNA for streaming Internet-delivered TV.

Fight Network has also offered to provide TNA Impact Wrestling with funding to repay the loans made by Mr. Billy Corgan and is positioned to provide additional transitional assistance to the company.

"TNA is a strong property for Fight Network and as a licensee and global distribution partner we have a keen interest in seeing the company not only survive but continue to grow and thrive, alongside our own growth," said Leonard Asper, CEO of Anthem. "We are hopeful that the company can soon get back to doing what it does best, which is to produce great wrestling content."

TNA Reportedly Being Sued for Unpaid Travel Bills

According to F4WOnline.com, TNA is being sued by the American Express Travel Related Services Company for unpaid bills dating back to this summer.

The suit was filed in the Supreme Court of New York state on July 20th, and it claims nonpayment of $269,049.50 in travel-related expenses. The suit further claims TNA’s American Express Corporate account was charged various amounts for items and the bills were never paid.

In total, American Express is asking for $269,049.50 and for all legal costs to be paid for. AMEX claims TNA agreed to payments on the receipt of monthly billing statements, as well as delinquency fees and finance charges.

Additionally, Wrestling Observer Radio host Dave Meltzer noted the following on last night’s edition of the show:

“[TNA is] probably gonna end up filing for bankruptcy. And then what happens? I don’t know…Dixie is still trying to figure out a way to – this is why it hasn’t been sold – to…I don’t know if it’s to stay in control, but the whole thing is she doesn’t want to look bad publicly.”

Tennessee State Reportedly Files Lien Against TNA For Unpaid Business Taxes, Further Filings List TNA in $3.4 Million Indebtedness

According to The Tennessean, The Tennessee Department of Revenue filed a lien against TNA Wrestling last month for unpaid business taxes. The lien against TNA’s holdings was filed with the Davidson County Register of Deeds on September 8th.

Furthermore, the report notes Anthem Sports and Entertainment, MCC Acquisitions and Aroluxe Media, have all filed similar statements listing TNA as a debtor. Those three filings combined to list $3.4 million in maximum indebtedness owed to the three firms by TNA.

As we noted earlier this week, TNA President Billy Corgan has filed a separate lawsuit against TNA, Dixie Carter and TNA Executive Dean Broadhead, and a temporary restraining order was approved. A hearing for a temporary injunction has been scheduled for Thursday, October 20th at 11:30am local time, and Corgan has requested a six-person jury to decide the case.

Filings for the lawsuit have been sealed until further notice.

Billy Corgan Reportedly Suing TNA

TNA President Billy Corgan filed a lawsuit against Impact Wrestling, parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Dixie's husband Serg Salias in Chancery Court in Nashville on Wednesday.

A temporary restraining order was approved and Corgan filed a bond to support it today. A hearing for a temporary injunction has been scheduled for Thursday, October 20th at 11:30am local time. Corgan has requested a six-person jury to decide the case.

TNA Sale News: WWE Loses Interest Again, Huge Dixie Carter Heat, TNA Executive Contacted WWE, More

Regarding the TNA sale, Aroluxe and Billy Corgan are still involved in trying to make the purchase but one unidentified party that was previously involved is no longer interested as they do not feel a deal is worth it. WWE has also apparently lost interest as they have backed out.

The most recent set of Impact Wrestling tapings were the first that saw Billy Corgan have the final say in creative decisions. However, nothing long-term has been decided on, according to the Wrestling Observer Newsletter, but changes have to happen imminently. We noted before that Dixie Carter was in attendance for the tapings and did hold a talent meeting but she wasn't there for the final days of the tapings and was reportedly having meetings with The Fight Network, which also owns a small stake in TNA.

Things between Dixie and Corgan have reportedly gone really bad and things are said to be "super heated" between Dixie, Corgan, Aroluxe and John Gaburick. It was noted on Wrestling Observer Radio that Dixie has made a real mess of the company between borrowing money and putting up various stakes in the company just to get quick funding. It was said that the company is in a "disastrous position" right now. There is also heat on Dixie for deals not getting done and nearly falling apart.

TNA still owes money to many people and continues to deal with other financial issues but right now they're not faced with another deadline for money until January and that's when they have some international TV revenue coming from.

There's still no word yet on where TNA got the money for the most recent tapings but it was not WWE, which has been rumored. Some higher-ups in TNA still don't know who funded the tapings but speculation is that it was one of the three minority owners - Corgan, Aroluxe or The Fight Network.

Regarding WWE no longer being interested in the tape library, Gaburick did go to WWE's Kevin Dunn with the idea of a package where WWE would hire Gaburick if he got them the tape library deal. Dunn reportedly went to Vince McMahon with the idea but it looks like the deal won't be happening. The Observer notes that WWE's involvement has been up and down for weeks.

WWE Looking To Add ROH And TNA To The WWE Network And Allow Fans To Vote For WWE Hall Of Fame?

WWE sent out an interesting survey about the WWE Network, via Yahoo! News. They are looking at having a four tiered system, which would include a free tier. One of the more interesting items is that the fourth tier would have "access to independent wrestling such as TNA and Ring of Honor." Please note that this is just a survey, and nothing is official yet.

There have been reports of WWE purchasing TNA for their video library for a while now. Jim Ross talked about reports of WWE buying the TNA video library on the latest episode of The Ross Report earlier this week, and noted that WWE was interested in buying only the video library, and not the promotion.

"Right now we hear that WWE and TNA have had talks regarding WWE buying the library, and that that deal is imminent," Ross said.

Here are some interested items from the survey regarding the four tiers:

* A free tier system would allow you to watch all video clips (less than 5 minutes each), 5 hours of video archives (including live events 30 days after they air), and you would be able to watch it on all devices.

* For the second tier $4.99 / month plan, you would be able to get the "Big Four" pay-per-view events (WrestleMania, Royal Rumble, Survivor Series and SummerSlam) and pre-recorded weekly NXT episodes. It would only play on phone and tablet devices.

* They noted that there would be "new weekly Cruiserweight Classic" episodes on the third tier ($9.99 / month) and top tier ($14.99 / month).

* For the top tier at $14.99 / month, you would receive early event ticket access, Hall of Fame voting, offline content downloads and small group online chats. There will also be "Deluxe Fan Perks" like second screen content and invites to in-person VIP meet-ups. The top tier is also the only plan to feature no commercials.

At the bottom of the survey it asks, "If there plans were truly available, would you subscribe to the one selected above?"

WWE To Purchase TNA Wrestling's Video Library, TNA Wrestling To "Likely Rebrand"

According to a Twitter post from pro wrestling journalist Justin LaBar, it has been officially confirmed that WWE will be purchasing TNA Wrestling's video library, according to a text message that LaBar says he received today.

In the meantime, LaBar also cites the same text message in stating that Billy Corgan, who is the current President of TNA Wrestling, will become the company's new majority owner and will "likely rebrand" the organization.

Below is LaBar's post from his official Twitter page:

Just got a text saying #WWE to buy TNA video library & Billy Corgan is going to be new majority owner of TNA that he'll likely rebrand. Wow!

Forbes.com has also picked up on the story as well, posting the following quote from WWE Hall of Famer Jim Ross's "Ross Report" podcast from earlier this week, in which he stated that WWE was "very close" to purchasing TNA Wrestling's video library:

"WWE is allegedly very close to buying the TNA library. Not the promotion, the TNA library. Obviously, with WWE Network, the TNA library could be a nice resource, a nice asset. Now, you know, TNA does have some talents I’m sure WWE would like to have down the road, but now I hear that WWE and TNA have had talks about buying the library and that a deal is imminent."

Dixie Carter Holds Talent Meeting at TNA Tapings Last Night, Addresses WWE Wanting to Buy TNA, Late Pay Issues, TNA Power Struggle & More

According to PWInsider.com, TNA Chairman Dixie Carter held a talent meeting backstage at last night’s TNA Impact Wrestling tapings. During the meeting, Carter took questions from the talents, and addressed a number of current issues.

One of the questions asked by talents regarded late pay, and Carter explained that sometimes pay is late because TNA is waiting on money owed to the company so that they can pay out the talents.

On reports of WWE potentially purchasing TNA, Carter acknowledged WWE wanted to purchase the company, but she said she would not let that happen. She added the TNA tape library is still under TNA ownership.

Carter also reaffirmed that she is still the majority share holder in TNA, but she did say there has been some “in-fighting” and power struggle amongst company owners.

With regards to Bound for Glory, Carter admitted the company “scrambled” leading up to the PPV, but said the PPV was never “not going to happen.”

Overall, Carter reportedly acted surprised that people in TNA were so “up in arms” about the status of the company, but she did apologize if there has been concern or worry on behalf of talents and employees. At the end of the day, the general feeling in the locker room is that while there remains concern regarding the future of the company, there was respect for Carter stepping up and addressing the locker room.

TNA Holding Internal Meeting To Discuss The Future Of The Company

There has not been very much news coming out of TNA since they announced that Bound For Glory would be taking place on Sunday night as scheduled. The questions we should be asking now are who funded the pay-per-view and the upcoming tapings and is this just a one time fix or has Dixie Carter made a deal to sell the company outright?

Dave Meltzer says that there will be an internal meeting on Sunday to address the future of the company. Several questions will be answered and hopefully, the concerns of the wrestlers and backstage crew will be addressed at long last.

Billy Corgan Says There is a “Gunfight” Over Who Will Get Control of TNA, Confirms Vince Wants to Buy TNA

TNA President Billy Corgan was today’s guest on ESPN Radio’s Dan Le Batard Show, and the following are more highlights from Corgan addressing the current TNA sale situation.

Corgan said the current TNA situation is complicated because pro wrestling is struggling with revenue, and a pro wrestling show will typically generate much lower revenue than a show with similar, or even lower ratings. Corgan added not only is there a money struggle within TNA right now, but there is also a creative struggle.

Corgan confirmed Vince McMahon’s interest in buying TNA, but he said as of right now Vince has not purchased the company and Corgan would be the first person to know since he has a stake in TNA.

When asked about his pro wrestling philosophy, and how he would create a unique wrestling product compared to WWE, Corgan admitted WWE has really been the only wrestling company with a winning philosophy.

Corgan thinks he could create a different type of product with TNA, but there are obstacles in the way as others in the company have a completely different vision for how TNA and Impact Wrestling should be presented. Corgan also stressed the importance of consistent capital for TNA, which is something he said the company has not had in a long time.