Billy Corgan Sues ‘TNA’: Lawsuit Names Dixie Carter As Promotion's Future Remains Up In The Air

Originally the article I was going to write was about the possible sale of TNA Wrestling to the WWE and TNA President Billy Corgan. The story has now changed to include a lawsuit that involves Corgan and TNA Chairwoman Dixie Carter. Before we get into that, let’s start the story during the week of Bound for Glory.

It all started during the week of its biggest show of the year Bound For Glory and NoDQ reported the company lacked the funds to put on the show or its future taping . This led to a series of interviews with TNA President Billy Corgan, who was trying to become the majority owner, to calm nervousness. However, all he did was get more people in the company anxious.

At the 11th hour, TNA was able to get the funds needed to put on Bound for Glory and tape its Impact Wrestling shows… but no one knows where the money came from. Fast forward to after BFG and another major rumor surfaced from two weeks ago: the WWE reportedly purchased the TNA tape library but Corgan would purchase the company and rebrand it . Of course, current TNA Chairman Dixie Carter shot down that rumor.

We now have a situation where Corgan, who was trying to buy the company through last week, is now suing the TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter's husband Serg Salinas according to PWInsider . Corgan is asking to keep the reason of his lawsuit and the grounds for his temporary restraining order against the other litigants private according to Pro Wrestling Sheet.

The lawsuit is going forward, and on Friday stories of TNA financials were published as many media outlets stated that TNA owes at least $3.4 million to three different companies. One of the companies actually fronted TNA money for Bound for Glory and their recent TV tapings. The money the promotion owes does not include the money that the company and/or Dixie Carter owe Billy Corgan when he fronted money for tapings earlier this year. Add in TNA owing state taxes in Tennessee and a pay day for the talents coming this week and the company is in dire straits. Dave Meltzer of the Wrestling Observer said it best.

Many TNA fans want Corgan to purchase the company outright and run it. Corgan’s fingerprints have been all over the company, from the implementation of the Grand Championship Title, the Decay and Broken Hardy gimmicks, to the streamlined storylines that Corgan helped write. The smart money was on Corgan buying the company and rebranding the promotion but after weeks of Carter most likely playing hardball and angling for more money in a sale, or even attempting to keep some of her fingers on the company, Corgan probably lost his patience and filed a lawsuit.

But even with a sale to Corgan, then what? Impact Wrestling is on a network ( Pop TV ) whose claim to fame is Big Brother After Dark and reruns of Buffy The Vampire Slayer and Beverly Hills 90210 . Does Corgan attempt to find a new network or does the audiences come when the product is changed for the better? And what about sponsor deals? Also, do you move TNA to an arena where fans actually pay to get in, or do you stay at Universal Studios, where fans watch the show for free?

No matter what happens, the company must get as far away from Dixie Carter as possible. Her decisions and lack of foresight into the wrestling industry has been showing for years since she purchased a majority stake in the company. From signing washed-up Hulk Hogan, to moving Impact Wrestling to Monday nights, to letting great young talent leave, Carter has proven that she is not capable of running this company. Yes, Corgan is better known as the frontman of Smashing Pumpkins, but he has a love for the industry and has run his own independent wrestling promotion. Corgan has what it takes to run TNA. Especially compared to Dixie Carter.

To be fair, Dixie Carter has done some good things for TNA. She saved the company from an early demise and has been an advocate for the guys in the company over the years. However, the time has come for her to relinquish control and let someone else run things. It seems that instead of just selling the company, Carter is trying to get a return on her investment but here’s the thing … the company is a money pit. It's not worth much so it’s time to get what she can get and get out.

At this point, after all of these years, many people have come and gone, but she is still around. Maybe everyone else isn’t the problem.