It has been a rough week for any remaining fans of TNA, which at one point could have legitimately claimed to be the second largest wrestling promotion in North America. While recent news had former Smashing Pumpkins founder Billy Corgan purchasing the embattled company from current owner Dixie Carter, it seems as if things might have reached a tipping point, with a guarantee that no matter what happens, after this Sunday, TNA as we know it will no longer exist. The company reportedly does not have any money to pay for any more TV tapings or talent, and whether this Sunday’s Bound For Glory PPV happens at all is very much in question.
First, the potential good news is that if Corgan can come up with the purchase price by the weekend, he will indeed assume full control of TNA’s assets, and during a recent interview, Corgan stated that his #1 priority would be to re-brand the company under a different name, something many people have said should happen for years due to the sophomoric nature of the acronym. In this case, and only this case, the wrestling company itself would continue to exist, albeit not under the name TNA.
The bad news is that it’s sounding more and more like Corgan will not be able to make the imposed deadline, at which point, as many as three other potential buyers come into play. The biggest fish in the pool, of course, is WWE, which would almost certainly shutter the promotion, sign any talents they wanted at a discount, and use the tape library as content for the WWE Network and DVD releases for current Superstars who spent significant time in TNA (such as Sting, AJ Styles, and Samoa Joe). Another prospective buyer, Sinclair Broadcasting (which owns small North American promotion Ring of Honor) would also likely close down TNA, although they could also benefit from TNA’s TV deal with PopTV (unlike WWE, which really doesn’t need more TV time).
At this point, nothing is guaranteed, but the reported mood among TNA wrestlers is apparently serious concern, especially among those who almost certainly would not end up with WWE contracts should Corgan not succeed in his goal of purchasing the promotion. Corgan is scheduled to appear on ESPN’s Dan LeBatard Show today at 11:30 Eastern, and will likely address all the ongoing rumors. We will keep you updated as news develops.