Billy Corgan, vocalist of ‘The Smashing Pumpkins’ band and TNA figurehead, recently took to Twitter to announce his settlement with Anthem Sports & Entertainment. Anthem Sports are a minority stakeholder in TNA and the parent company of The Fight Network.
The settlement was done against the money that Corgan had loaned to TNA and Dixie Carter.
He also informed his fans that he would start doing interviews in this regard from the coming week. While the correct amount of the settlement is still unknown, WrestlingInc. has reported that it could range from anywhere between $1.8 and $2.7 million.
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Corgan posted on Twitter to acquaint his followers about the deal yesterday. The tweet was as follows:
Corgan followed it up with another tweet minutes later, in which he said:
Furthermore, Anthem resonated Corgan’s statement on the settlement with them and TNA. They posted the following via Fight Network’s official Twitter account:
The agreement will finally mark an end to the ongoing feud between Corgan and TNA.
The Smashing Pumpkins frontman joined TNA as the senior producer of creative and talent development in 2015, he later became the President of the promotion in 2016. Corgan’s position on the TNA board was confirmed due to his investments in TV tapings, which were done to revitalise the dying company.
Also read: TNA News: The Fight Network's parent company helping TNA pay debt to Billy Corgan
He later tried to change the dynamics of the promotion by filing a lawsuit citing an "equity pledge agreement" between him and the company.
The agreement stated that in the event of TNA becoming insolvent (thereby defaulting on the debt owed to Corgan), Corgan would be entitled to Dixie Carter's voting shares and could instate his own management in place of TNA's existing officials.
While the lawsuit was rejected, TNA found themselves still owing a substantial amount of debt to the vocalist.
Even though the settlement now appears to be done, it has left us with a few questions lingering in the back of our minds. Will Corgan continue to hold a stake in TNA, how will TNA settle the debt and finally what is next for Corgan?
His creative mindset and eye for detail made him a fan favourite during his time with TNA. His well-defined ideas, star power and financial backing could see him join another promotion pretty soon.
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