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TNA Wrestling has a new minority owner

TNA Wrestling

TNA Wrestling

Since 2013, there have been talks about Smashing Pumpkins' frontman Billy Corgan buying into TNA Wrestling. Earlier this year, round the time when the Aroluxe rumors popped up, Corgan's name was being mentioned but there was nothing concrete to report until today. Corgan, a long-time wrestling fan, is said to be TNA's new minority owner.

Corgan, according to a report on PWInsider Elite, has moved forward with purchasing a minority stake in the company. This comes on the heels of reports that Aroluxe Marketing has assumed the "TNA" name in business filings. Aroluxe has been helping with funding to help keep the company running TV tapings in recent months. Some in the company believe that the deal with Corgan has been signed but other sources say that the deal is close to being finalized. We contacted someone with knowledge about the talks and we were told "yes, deal has been completed."

TNA President Dixie Carter will remain as the majority owner of the company and we were told that the current management structure will remain in place. Prior to his involvement with TNA Wrestling, Corgan funded Chicago-based wrestling company Resistance Pro. Corgan has been working with TNA in a creative capacity since April 2015.

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We don't know how much stake Corgan has in the company and we don't know yet if the company is still looking to get more minority owners on board. The company had previously reached out to television partners Sony SIX and Challenge TV in the U.K. but there were no takers.