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TNA news on potential bankruptcy, Billy Corgan, company debt, potential new buyer

There is nothing new to report regarding the impending TNA sale other than that there is another player in the mix. Billy Corgan remains as President of the company and Dixie Carter, while still owning about 70 percent of the company, is largely out of the picture in regards to the decision making.

It will be interesting to see what happens between now and the October tapings because the company is heavily in debt and they need funds to run the next set of TV tapings. As noted before, they spend between $600,000 to $800,000 for a set of tapings.

There is an outside company that is looking at getting into the wrestling business for content and if they purchase TNA then they would most likely get the company back to running live events. They haven’t run a domestic house show since October of last year. If the outside company ends up buying TNA then they would also work aggressively with other companies (except WWE) for talent. As of this writing, there’s no word on who is involved with the outside company and how serious they are with their bid but they were asking questions this past week about TNA’s business structure.

TNA owes money to Aroluxe Marketing and the belief is that TNA may be forced into bankruptcy. If that happens then whoever buys TNA would not be liable for the company debt. I’ve heard that there were a few people in the company, as of this past weekend, that were still owed money from the June TV tapings.

It seems like something needs to happen soon since the company has very little revenue coming in, other than their UK and India TV deals. Billy Corgan has spoken publicly about TNA needing to generate advertising revenue and he seems to be the frontrunner to buy the company.

Bound For Glory takes place on 10/2 and they will also tape TV that week so we might finally get some answers regarding the fate of the company.

News from The Wrestling Observer website was used in this post. For more on this story please visit WrestlingObserver.com. Dave Meltzer and Bryan Alvarez’ WrestlingObserver.com is the leading source for professional wrestling newsClick here for subscription information. Members get exclusive access to insider news from Dave Meltzer and Bryan Alvarez, daily audio shows, breaking news audio, the Wrestling Observer newsletter, newsletter archives, thousands of hours of archived radio shows, and much more.






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