Corgan told the NY Post that at the Bound For Glory pay-per-view, he hopes to make some sort of announcement

Corgan told the NY Post that at the Bound For Glory pay-per-view, he hopes to make some sort of announcement

? During a Facebook Live broadcast yesterday, new TNA President Billy Corgan announced that he is currently in negotiations to purchase TNA Wrestling from the other stakeholders which include Dixie Carter and Aroluxe Productions. Noting that the process is a bit complicated, he hoped that soon he will be able to run the company completely, both when it comes to the business side as well as the creative side. The Smashing Pumpkins frontman is no stranger in running a wrestling company as in 2011 he founded and ran Resistance Pro Wrestling, a Chicago-based indie promotion. He moved to TNA in as the Senior Producer of Creative and Talent Development before getting promoted to President a year later.

Apart from the live Bound For Glory pay-per-view, TNA also has days worth of television tapings that will follow so money is not only needed for BFG, but for the tapings as well

? A story by the New York Post yesterday valued TNA “at around $40 million,” a figure which couldn’t be more farther than the truth. The story revolves around Smashing Pumpkins front man and current TNA President making his bid to buy 100% of the company, although Corgan did not want to reveal the price tag put on TNA. “I would love nothing better than to stand up in front of everyone and give a clear picture of where this company is and where it’s going,” he said. The New York Post also added that both WWE and Sinclair Broadcast Group, which owns Ring of Honor, are rumored that have made bids to buy TNA. WWE already bought WCW and ECW and own several other video libraries which come in handy for the WWE Network. WWE bought WCW for around $4 million back in 2001. TNA is owned by Dixie Carter, Billy Corgan, and Aroluxe Marketing while other companies have smaller stake.

Corgan took over Dixie Carter’s role last month after pumping in more money to keep the company afloat after it was evident that Carter could no longer support it

? This week could be a very interesting one for TNA and the world of professional wrestling as there are strong rumors that TNA is on the brink with the clock ticking down and fast. Carter’s majority ownership could be well over before Bound For Glory occurs this weekend and if it doesn’t, there could be some serious problems going forward, mainly financial. Mike Johnson over at PWInsider is reporting that Carter, who has already stepped down as TNA President, has held talks with WWE over a probable sale as the future with her in charge look bleak. Carter, as the largest owner of TNA, calls the shots and coughs up the money but there are those who are saying that TNA has no money to put up this Sunday’s Bound For Glory pay-per-view. Their current President, Billy Corgan, can pay, but he has no majority ownership and he’s been pushing to have 100% stake in the company. Corgan already dug TNA out of a hole earlier this year when he financed several television tapings and got the role of TNA President in return. TNA’s production company Aroluxe often don’t get paid and the lack of payments eventually landed them a minority stake in TNA. Aroluxe had a deal where they could buy the company but that exclusive deal expired. If somehow TNA manages to survive and enough money is secured to produce Bound For Glory, there could be reruns or other type of programming instead of fresh television tapings while more funding is received, although that would not be ideal. Will Corgan save the show and gets complete ownership of TNA? Or will Dixie Carter sell to someone else, like WWE? Carter has been reluctant to give up her stake in the company but it looks like this time around there’s no saving her.