TNA Wrestling and Billy Corgan have severed all ties, its parent company announced last week. The wrestling organization appointed Corgan as its President of Impact Ventures less than three months ago–he had previously served as a producer.
Corgan officially filed suit against TNA wrestling in October following his takeover attempt of Impact Ventures. He had previously loaned the company money, and said a previous equity pledge agreement and “multiple events of default” entitled him to majority shareholder Dixie Carter’s voting rights in the company.
Corgan previously enjoyed a strong working relationship with Dixie Carter. She released a statement earlier this year praising Corgan’s work with TNA Wrestling.
“Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind,” Carter said in the release. “He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling. In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment.”
A Nashville court rejected Corgan’s claim, but required TNA Wrestling to pay back Corgan’s loan by November 1st. Corgan claims TNA Wrestling have yet to pay him, and is “exploring all remedies including new filings with [the] court.”
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