EDIT: A previous version of this article used stated that on the most recent episode of the MLW podcast, former WWE writer Court Bauer “alludes to Corgan being a possible match without saying his name”. This was a poor choice of words as we had no confirmation on whether Bauer was referring to Corgan or not, but were simply trying to say that Corgan certainly fits the mold of the description that Bauer mentioned. In the episode of the MLW podcast (heard here), Bauer and John Pollock speculate on a possible list of buyer for TNA. We apologize for our poor-wording and have chosen to remove this from our story.
When we reported two days ago that talks to purchase TNA were heating up, we had no clue that it was this hot.
I broke the news earlier tonight on the NAWC podcast that, according to two high-placed TNA sources with knowledge of the ongoing negotiations, Smashing Pumpkins frontman Billy Corgan is currently the leading candidate to purchase TNA Wrestling. Wrestlezone’s Justin Labar speculated on Corgan being rumored earlier today, but could not confirm it. However, according to the two sources that I spoke with within the last hour, talks with Corgan have reached a “significant stage” and the deal is “his for the taking” if he wants it.
Corgan has experience operating a pro wrestling company as his Chicago-based Resistance Pro, opened in 2011, has been met with high praise. Corgan has also been a long-time fan of the pro wrestling business and has made multiple friendships throughout various organizations. In the ECW documentary “Barbed Wire City”, Corgan even tells the story about how he once almost purchased a stake in ECW just to keep them running. Needless to say, Corgan has a track record here that makes sense.
Dave Meltzer also stated a few hints on his most recent audio blog:
“What I can say at this point is that there is a potential buyer that has been looking at the company. Reps for the potential new ownership group have been at the offices. Talk of a potential sale has been going on for months, but has reached a serious enough point where things are at a significant stage. It is not entirely clear who will end up in power and run the company if and when the deal being negotiated goes through, and what percentage of the company, or if the entire company, is what is being negotiated. One source with significant knowledge of what is going down said the new group is unlikely to get involved without owning a controlling interest. “
When asked if Corgan would be the right fit for TNA, both of my sources said that he would likely give the company an initial “jolt”, but that they don’t know if he’s the right fight for the job. Both sources stated that TNA is more in need of someone who can take charge and be that “singular point of contact.” With Corgan touring and being in the studio so often, both wondered aloud if he’d really be the right person for the job. Nonetheless, both vouched for Corgan’s work ethic and love for the sport.
As we reported last week, TNA is 100% trying to sell TNA Wrestling, or at least a majority stake in the company (no matter what Janice Carter states publicly). As of this time, there is no confirmation as to a potential price tag or if Corgan is discussing purchasing the entire company or just a stake as previously speculated.
We’ll post more on this huge story as we hear it.