In an official statement released today Anthem Sports and Entertainment, the parent company of the Canadian-based Fight Network, announced that they have formed a new relationship with Impact Ventures LLC, the corporate entity in charge of TNA, providing fund necessary to continue operating the company. As part of this agreement, Anthem Executive Vice President Ed Nordholm was appointed to the Impact Board of Managers, which will control the day-to-day operations of TNa. Dixie Carter maintains her position as Chairman and her seat on the Board, and Billy Corgan is no longer associated with the company, which presumably means that Anthem has, in fact, paid off the $1.8 million loan owed to Corgan.
Here’s the official statement from Anthem:
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.
“We have had a successful, long-term partnership with Fight Network as our Canadian broadcaster, and more recently as our global digital partner,” said Dixie Carter. “Anthem’s team has extensive media experience, and I am excited to have that available to us as we plan for the future.”
“We have consistently maintained that investing in content as we grow our distribution is important as a strategic necessity, and working more closely with a strong brand like TNA is in line with that. This financing is an extension of the support we have been providing since the beginning of the year,” said Leonard Asper, CEO of Anthem. “There are tremendous opportunities to support the company’s growth on all platforms and in all media along side Dixie and the incredible talent and staff at TNA.”
So it looks this most recent long and torturous adventure that saw TNA’s existence hanging by a thread is over. For now, anyway.
UPDATE: Billy Corgan has said on Twitter that he has not, in fact, been paid back the money he is owed (which was ordered by the judge as part of dismissing his request for an injunction on Monday), so this drama might actually continue!