Smashing pumpkins musician Billy Corgan is set to buy the ‘National Wrestling Alliance’ (NWA) following his departure from and failed lawsuit against his former wrestling company, ‘TNA Imapct Wrestling’.
Speculations of Corgan purchasing the legendary wrestling organisation have been around for the past several months, but it is now confirmed that he is set to buy the company in early May of 2017. The NWA was founded in 1948 and was, for its time, the most recognised and largest governing body in professional wrestling.
Current NWA president Bruce Tharpe recently announced on his Facebook page that the Smashing Pumpkins star is indeed set to purchase the company. Tharpe wrote the following on his Facebook page:
“I am very excited for the future of the NATIONAL WRESTLING ALLIANCE.
As everyone knows by now – Billy Corgan and I have agreed on principle regarding his acquisition of the NWA brand. This decision comes after many weeks of negotiation and deep consideration.
Although Billy Corgan may be a fresh face to wrestling – he is an extremely successful businessman and has a deep admiration and respect for the NWA. He is also putting together a very strong team.
With the capital and business acumen that Billy Corgan brings to the table – I am confident that he has the ability to take the NWA to the next level. And I have promised to do all I can to help him succeed. I ask you to join me in supporting the new NWA regime in the future.
I am not leaving wrestling – but after four years at the helm of the NWA – I look forward to stepping back and allowing someone new and passionate to take control of this great and noble organization.
Thank you to everyone who has supported the NWA over the years and during my tenure. I also want to publicly thank Billy Corgan for his confidence and respect for this iconic brand.
The next few months are going to be really exciting for the National Wrestling Alliance – but most of all for the fans!”
Corgan became president of TNA’s parent company, Impact Ventures, and attempted to sue TNA as well as some of the company’s executives in order to gain full control of the company. He also successfully filed for a restraining order against TNA owner, Dixie Carter. Corgan was an avid investor and senior producer of creative and talent development, with his lawsuit coming as a surprise to the company. He had attempted to simply purchase the company in early 2016 but was denied.
According to the Tennessean newspaper, Corgan claimed he had given TNA three loans in recent months, with the most recent one given on the provison that he would gain control of the company should it become insolvent.
The court ruled that TNA were only required to pay Corgan’s loan back with interest, with Nashville chancellor Ellen Hobbs Lyle saying that he didn’t meet the burden of proof for the injunction.
Featured image credit: Wrestling News