Drew Galloway was present during the Bound for Glory event this past Sunday. He appeared in a backstage segment and provided an update on his physical condition, also confirming his inability to participate in the Impact Grand Championship match. In the same segment, Galloway made an interesting remark. Apparently, he revealed Billy Corgan as the potential buyer of the company by stating, “the only reason why Billy Corgan is buying this company is because he gets Drew Galloway.”
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The 8 men tournament culminated at the Bound for Glory pay-per-view with the crowning of the first ever Impact Grand Champion. Initially, Aron Rex and Drew Galloway were scheduled to fight in the finals of the tournament but the match had to be changed due to an injury of Galloway. Eddie Edwards, who was defeated by Galloway in the Semi-Finals replaced him in the Finals.
TNA has been suffering from a financial crisis for several months now. The company has been allegedly lacking funds for weekly tapings. Prior to the pay-per-view, there were rumours that TNA had no funds to host Bound for Glory and needed new investors. According to some sources, TNA President Dixie Carter may have to sell majority shares of the company to keep it alive.
Additionally, whoever steps up to purchase the company will need to pay off the debts of TNA. It was reported that the company is under enormous debt, which might even be more that the net worth of the entire organisation.
WWE, ROH, and several other organisations have quietly expressed interest in taking over the company. TNA needed funds by Friday to ensure the smooth running of Bound for Glory, with the future of the company hanging in balance. Wrestling Observer points out that a third party allegedly helped Carter and Billy Corgan with the funds.
Corgan, who is also the minority owner of the company has been bearing the costs of several weekly tapings of Impact Wrestling. In some interviews, he stated that TNA Wrestling won’t come to an end and he may purchase the company himself.
As of now, no official statement has been published regarding the purchase of the company but considering the words of the former TNA World Champion, Billy Corgan may have purchased majority shares from Dixie Carter. Several people associated with TNA have blamed Carter for the financial mess of the company.
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