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Frontman of the band Smashing Punpkins Billy Corgan has been noted as being a huge fan of the sports entertainment field of professional wrestling.
Fans around the world are eagerly awaiting a reunion from the band, but he has interests elsewhere.
His grapple game enthusiasm is so much so that he put a considerable amount of money in to the US’s second biggest wrestling organisation TNA aka Total Non-Stop Wrestling (the first being the WWE).
TNA were struggling and had lost a number of their big names to its bitter rival. They did try to snatch up international and independent talent, but they take time to build up and TV ratings re everything I the wrestling game. Having a name like Corgan involved and on TV was a no-brainer, yet the vocalist was soon knocking heads with company boss Dixie Carter and subsequently tried to sue them (alongside other people they owe money to).
This past week has seen Corgan’s request for a temporary injunction against TNA refused. It was he hoped a way to stop any major business decisions being made without his involvement. The running of the company or its potential sale would also have needed his approval.
This request was denied and as such he is powerless as to what TNA do.
At present TNA are still operational, but teetering on the brink. Corgan is said to have loaned the company a substantial amount of money since he became involved with them.
The story goes that Corgan was due to receive the majority of voting rights within the company with these payments and he is now being told that legally he is unable to do anything unless TNA fail to repay the amounts.
Corgan can take action if the company cannot make payments, he will then be able to take action and according to reports either request the money or turn the debt into a percentage of the business.
The Anthem Sports and Entertainment Corp (parent company of the Fight Network) have made an offer to repay Corgan. This can be an assumed way for them to negotiate a purchase of TNA from Carter. However the sum was lower than expected and his legal team declined.
TNA may not be a viable wrestling company at present and will need a huge cash injection, but their video library is very valueable indeed.
It does seem that Billy Corgan is not just Smashing Pumpkins he is smashing people into turnbuckles as he fights for his money and the lost faith he has in the wrestling company he believed in.
