The TNA Doomsday Clock Thread: 1 Minute to Midnight?
Sept 27, 2016 10:18:43 GMT -5
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Post by CH Punk on Sept 27, 2016 10:18:43 GMT -5
Saw this on the old Reddit and thought it would be worth sharing:
Remember, this was on Wrestling Observer Radio so the um and ah aren't poor writing.
The TL;DR version of things is that TNA doesn't have the funds to run BFG or the TV Tapings and, since the last business day before the PPV is Friday, they have until then to secure money to run those shows. Obviously, Billy Corgan is interested in buying TNA, but he's been talking like it would be a long process to make the deal happen and they don't have the time to do that (unless there's a last minute deal), so that means WWE would be back in the picture to just buy assets and a few contracts as soon as they go bust.
One way or another, TNA as we know it will probably be no more by the start of next week.
EDIT: Here's PWInsider's take on the situation:
And an interview with Billy Corgan on Busted Open radio to discuss the situation:
Here's an article alleging that TNA is canceling the TV tapings and flights for talent in order to cut costs (although this is being refuted by PWInsider):
According to WON, Dixie Carter is making it as difficult as humanly possible to go through with the sale:
Here are highlights from Billy Corgan's appearance on the Dan Le Batard show on Wednesday at 11 AM EDT:
PWInsider's Thursday night update regarding the situation:
Bound For Glory happened pretty much as planned (minus Drew Galloway's last minute injury) and a talent meeting is planned for after BFG.
The TV Tapings are taking place this week and the thread can be found here.
Here are highlights from Dixie's meeting with the locker room:
On today's WOR, Meltzer discussed the state of TNA...
"So… We still don’t have a deal. And time is running out. There’s no money to fund this week’s television and PPV. Um, WWE is back in the picture, which is a really interesting thing because with WWE in the picture, it could be over. And, you know, Dixie could sell to whoever she wants to sell too and I guess it’s become very complicated. Billy Corgan talked to ESPN and said, you know, he wanted to buy it but...and he’s got the money to buy it but its a complicated thing.. and he talked like it’s a deal that would take weeks to put together. And they don’t got weeks. They got like…I talked to somebody there and its essentially.. they got until Friday because that’s the last business day before Sunday. They can’t really, you know, get everything to the bank and get the money in and all that and be ready on a Sunday. It’s just not going to work. So they got a couple days to get this deal done.
Billy Corgan has also said that if he buys the company, he is changing the name of the company which, quite frankly, I would do. Just the feeling, it’s a tainted brand name and it’s just better to start with something else. Um, I would like to give it a little facelifting and get it out of Orlando, but, you know, financially, the last time they got out of Orlando, it cost them so much money that it really wasn’t worth it. And you know, they are really high on the Hardy’s thing. But everyday, you know, there’s talks going on, stuff going on and uh there’s not a lot of time.
If they sell to WWE, they are pretty much done. It’s pretty much it. You know, WWE would buy the tape library and um… there’s so much there because one of the complicated things is all the debt. There’s millions of dollars that there in the hole right now. There’s more in the hole than it would cost to buy the company. So, that make’s it real complicated. There's people who might be willing to buy the company. It’s like if Billy or Aerolux, let’s just say one of them buys it. Well, the other one would have to, you know, buy the company from Dixie for whatever it is but they are also going to have to pay the other one, the money that they put in for all those TV’s, not to mention all the other money for god knows what is still owed… wrestlers that might be behind.. whatever.. there’s so much.. its like.. its not an easy deal. Last week, I was talking to somebody from the outside, and my feeling is because the time situation, that's not happening. That deal is not happening in 4 days. With WWE, that's not as difficult because you’re just selling the tape library. With WWE, everyone would lose their job. Well, not everyone. They would take some wrestlers but the company would be done though."
"So… We still don’t have a deal. And time is running out. There’s no money to fund this week’s television and PPV. Um, WWE is back in the picture, which is a really interesting thing because with WWE in the picture, it could be over. And, you know, Dixie could sell to whoever she wants to sell too and I guess it’s become very complicated. Billy Corgan talked to ESPN and said, you know, he wanted to buy it but...and he’s got the money to buy it but its a complicated thing.. and he talked like it’s a deal that would take weeks to put together. And they don’t got weeks. They got like…I talked to somebody there and its essentially.. they got until Friday because that’s the last business day before Sunday. They can’t really, you know, get everything to the bank and get the money in and all that and be ready on a Sunday. It’s just not going to work. So they got a couple days to get this deal done.
Billy Corgan has also said that if he buys the company, he is changing the name of the company which, quite frankly, I would do. Just the feeling, it’s a tainted brand name and it’s just better to start with something else. Um, I would like to give it a little facelifting and get it out of Orlando, but, you know, financially, the last time they got out of Orlando, it cost them so much money that it really wasn’t worth it. And you know, they are really high on the Hardy’s thing. But everyday, you know, there’s talks going on, stuff going on and uh there’s not a lot of time.
If they sell to WWE, they are pretty much done. It’s pretty much it. You know, WWE would buy the tape library and um… there’s so much there because one of the complicated things is all the debt. There’s millions of dollars that there in the hole right now. There’s more in the hole than it would cost to buy the company. So, that make’s it real complicated. There's people who might be willing to buy the company. It’s like if Billy or Aerolux, let’s just say one of them buys it. Well, the other one would have to, you know, buy the company from Dixie for whatever it is but they are also going to have to pay the other one, the money that they put in for all those TV’s, not to mention all the other money for god knows what is still owed… wrestlers that might be behind.. whatever.. there’s so much.. its like.. its not an easy deal. Last week, I was talking to somebody from the outside, and my feeling is because the time situation, that's not happening. That deal is not happening in 4 days. With WWE, that's not as difficult because you’re just selling the tape library. With WWE, everyone would lose their job. Well, not everyone. They would take some wrestlers but the company would be done though."
Remember, this was on Wrestling Observer Radio so the um and ah aren't poor writing.
The TL;DR version of things is that TNA doesn't have the funds to run BFG or the TV Tapings and, since the last business day before the PPV is Friday, they have until then to secure money to run those shows. Obviously, Billy Corgan is interested in buying TNA, but he's been talking like it would be a long process to make the deal happen and they don't have the time to do that (unless there's a last minute deal), so that means WWE would be back in the picture to just buy assets and a few contracts as soon as they go bust.
One way or another, TNA as we know it will probably be no more by the start of next week.
EDIT: Here's PWInsider's take on the situation:
{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}
PWInsider's take of the story.
Heavy lies the head that wears the crown, or so the story goes.
If Dixie Carter wears the crown and by definition, is the queen of TNA, she's going to be using both hands to help prop her head up over the next several days, because by October 2nd, whatever her legacy is in professional wrestling, it looks like a major part of it will be written by her actions as the next several days unfold.
That legacy could go a number of ways, but it certainly appears that time is running out for TNA under her ownership and over the last five days, we have heard more and more that Carter has had communications with WWE about a potential sale. If that is indeed the case, it's the end of TNA, because WWE is not going to buy it to operate it. They are going to acquire the video library (which is really the only asset the company has), slide a few talents into the WWE locker room and let the rest of it become part of nostalgia for wrestling fans. That's what happened to WCW and ECW, each of which had a far stronger footprint when they were acquired.
But, even if WWE doesn't end up owning TNA, the reality is this, the fuse on the TNA bomb is close to the end - someone or something is going to give and it's going to be soon. There's no avoiding it. Time is running out and while that may upset some in TNA, it's the truth.
It sucks as someone who loves pro wrestling to even write this, but the reality is that it is impossible to ignore the situation TNA currently has themselves in. Carter didn't go from the sole owner of the company after buying out Jeff Jarrett a few years back and having TNA removed from the Panda Energy umbrella to being one of four owners unless financially, she had no choice but to make deals to try and keep the company operating - and now those decisions are coming back to haunt her. She may still be the majority owner on paper but she's reliant on all of these moving parts she's created in order to keep the company moving...and now those parts are coming back with their hands out.
It's already well known that Aroluxe has a piece of TNA and got it because they paid for production costs after TNA's previous production company, A-1 Productions, parted ways with TNA on bad terms. The stories of production staff from the A-1 days being paid late are well known. So, now Aroluxe has a piece of the company and are still putting their hand out for their hard work - and they aren't going to produce Bound for Glory, much less next week's TNA TV, for free. What would be in it for them to do that after all this time? Aroluxe are going to want something for their time - and the word is that in recent weeks, they have made it clear that they still want to own TNA, going as far as to have a battle plan that would see them produce the TV show a few times a year in order to keep costs low. Aroluxe isn't going to wait forever and they are the production company that TNA needs to produce TNA's shows in Orlando over the next week. Dixie is pretty much in the same position she was in back at Slammiversary. Once again, that wall is pushing in.
Then we have Billy Corgan, who began investing in TNA back around the time Slammiversary took place - the same time period that TNA's Chief Financial Officer Dean Broadhead talked on his Facebook page that it might be time for himself to retire as he admitted that the PPV and the tapings might not have even happened if it hadn't been for last minute maneueverings. Those maneuverings were Corgan investing and those investments led to him getting the Presidency of the company. He was the savior back in June, but it's a different scenario now. Corgan wants TNA, but obviously, it's not going to be an easy sale because so many others are involved and no one is willing to walk away with nothing to show for their ownership points. But, where it gets tricky is this - if Corgan has been the money that has kept TNA going since this past June, and he wants to buy TNA and it's not going to happen, why would he keep putting his money in if it's not getting him anywhere? I pose this question: what if Corgan decides he's not going to float this weekend's PPV and tapings? Would the other owners be able to pull it off without him? If not, that gives Corgan a lot of leverage, but that leverage only means something in the end if he gets the company. If not, he has thrown his money down a well and will be waiting like others to get his money back from TNA. All signs are that Corgan holds the keys to TNA taping at Bound for Glory and beyond, but that's not going to happen without Corgan getting something he wants - TNA ownership - nor should it. That wall is pushing in.
Then we have the talents, who have worked hard and have created a lot of great matches and moments - from Final Deletion on down - over the last several years. Matt Hardy has recreated himself. Drew Galloway and EC3 continue to kill it in the ring. Aron Rex has shown a lot of fire and passion. Maria Kanellis has been a tremendous heel. Moose seems more comfortable in TNA than he ever did in Ring of Honor if we are going to be honest. Even Allie has taken off as an endearing character. The wrestlers have worked hard and the matches are good, but at the end of the day, they need to get paid and there's only so much passion one can maintain if they are worried about what the next chapter of their lives are going to be. It's great to work hard but hey, everyone worked hard at the end of ECW too, and it didn't get them anywhere at the end of the day. They have dealt with late checks, broken promises and at times, lies to keep them going and working hard. Certainly that happens in all walks of life but the roster deserves answers and they deserve to know their future is safe. That wall is closing in.
Then there is the wall of the past. Past mistakes. Vendors looking for money owed. Former executive producers suing for money they claim to be owed. Even the company that shipped merchandise via cargo ships into the United States for TNA are looking for what they are owed. The ghosts of former talents who are doing more successful elsewhere when the company made the decision not to keep them or not to pay them. All of that builds up and each little brick builds upon the others, threatening to cascade over, because eventually, you either pay the old bills or you go bankrupt. That's how life works, no matter who you are. That wall, a wall that isn't as publicly spotlighted as the others, is closing in as well.
Indeed, the walls are closing in and Dixie Carter is standing in the middle of the trash compactor on the Death Star. So, what does she do?
The pressure is on, because unless everyone gets on board, Carter has to navigate the waters of needing one side for production, needing another side for the money and balancing all of that plus keeping a locker room full of talented and eclectic personalities happy, while also staving off the wolves of the past who are seeking their pound of flesh. It's a real life "House of Lies" but instead of Washington DC, the politics are about how to keep a wrestling promotion solvent and keeping the focus on what is going on in front of the cameras as the real battle continues to be what is happening behind the scenes.
Even if the scheduled TV tapings didn't take place this week (and let the record state, talent has had their flight details for weeks, so there are obviously plans for the tapings to happen - don't misinterpet what I am about to say), TNA could get around that by repurposing older material, filming new wrap-arounds, etc. There are ways to do that so that new content is sent to TV partners - even WWE has done that at times in the past. TNA can get by without producing new TV shows. But, on Sunday 10/2, TNA has to contractually produce a new, live PPV because if they don't, they will be in a major breach by breaking contracts with not just their PPV providers but all of their international TV partners as well - since Bound for Glory would be a special for those markets. 10/2 is the door Carter has to figure out a way past.
So, time is ticking away and decisions are going to have to be made, because all of the ripples Carter created with the decisions she's made over the last few years are bouncing back towards her at the same time. Does she tap out and sell to WWE, getting herself some cash and walking away from all the stress she's undoubtedly been under, leaving her minority owners to be forced to eventually sell as well? If so, does she sacrifice the livelyhood of everyone who is working for the company and everyone who has dealt with the hardships that were beyond their contract so that she can be free and clear and take a deep breath for herself? Does she let TNA and all that people hoped it might be sink into the depths of the WWE ocean?
Does Carter sell off to Corgan and walk away, knowing that she has to let the company go and exist without her involvement? Is she even willing, from an ego standpoint, to allow that to happen? Paul Heyman could have sold off ECW, but chose to let it die. Could Carter feel the same way? Is selling off to Corgan going to get her enough money that she's going to be happy with all the time and energy that she's put into TNA from 2002 on? One of the reasons TNA wasn't sold years ago was Carter had to remain in power and on camera - does she continued to put her own personal pursuits in front of what's best for TNA, it's staff and wrestlers? Is it time she goes out on her shield so that the company can try and live another day?
Does she just let the Titanic crash into the iceberg and allow the bankruptcy process to go forth by putting TNA in Chapter 7 and allow the courts to extricate the remains and determine who gets what, how and why? She certainly doesn't need to keep TNA alive in order to enjoy life. She was the one vacationing with her family in Africa earlier this year. Carter's life will go on without TNA, but she holds the key to whether TNA lives on. Does she decide to sell?
Or does Carter figure out a way to pull off one of the greatest Hail Marys in the history of pro wrestling by somehow, without losing any additional footing to minority owners, getting through the weekend and setting the stage for TNA to once again, play Indiana Jones by swinging over an endless chasm, barely making it and pulling itself up by it's fingernails to live and fight another day? And if so, what is TNA fighting for if, as recent history has shown, that victory is simply hitting reset at the end and playing this game over and over again? Something is going to have to give.
I don't imagine it's very fun being Dixie Carter these day and she has some heavy decisions to make - and those decisions don't just change her life and the lives of her family, but the lives of everyone who works for TNA and has struggled to see the company through. Carter's legacy may very well be decided over the next several days - and it will be that decision and that legacy that determines whether TNA follows WCW and ECW into the WWE archives, whether the company is given a fresh lease on life or whether it continues on it's current downtrodden path, a path that continues to get murkier and more convoluted with each step.
Heavy is the crown - as with it comes the responsibility and the blame. All eyes are on Dixie Carter as every decision she has made has led herself and TNA to this juncture. The health and future of her company and those who worked there are dependent on the decisions Carter makes over the next several days and trust me, decisions will have to be made. Choose wisely.
If Dixie Carter wears the crown and by definition, is the queen of TNA, she's going to be using both hands to help prop her head up over the next several days, because by October 2nd, whatever her legacy is in professional wrestling, it looks like a major part of it will be written by her actions as the next several days unfold.
That legacy could go a number of ways, but it certainly appears that time is running out for TNA under her ownership and over the last five days, we have heard more and more that Carter has had communications with WWE about a potential sale. If that is indeed the case, it's the end of TNA, because WWE is not going to buy it to operate it. They are going to acquire the video library (which is really the only asset the company has), slide a few talents into the WWE locker room and let the rest of it become part of nostalgia for wrestling fans. That's what happened to WCW and ECW, each of which had a far stronger footprint when they were acquired.
But, even if WWE doesn't end up owning TNA, the reality is this, the fuse on the TNA bomb is close to the end - someone or something is going to give and it's going to be soon. There's no avoiding it. Time is running out and while that may upset some in TNA, it's the truth.
It sucks as someone who loves pro wrestling to even write this, but the reality is that it is impossible to ignore the situation TNA currently has themselves in. Carter didn't go from the sole owner of the company after buying out Jeff Jarrett a few years back and having TNA removed from the Panda Energy umbrella to being one of four owners unless financially, she had no choice but to make deals to try and keep the company operating - and now those decisions are coming back to haunt her. She may still be the majority owner on paper but she's reliant on all of these moving parts she's created in order to keep the company moving...and now those parts are coming back with their hands out.
It's already well known that Aroluxe has a piece of TNA and got it because they paid for production costs after TNA's previous production company, A-1 Productions, parted ways with TNA on bad terms. The stories of production staff from the A-1 days being paid late are well known. So, now Aroluxe has a piece of the company and are still putting their hand out for their hard work - and they aren't going to produce Bound for Glory, much less next week's TNA TV, for free. What would be in it for them to do that after all this time? Aroluxe are going to want something for their time - and the word is that in recent weeks, they have made it clear that they still want to own TNA, going as far as to have a battle plan that would see them produce the TV show a few times a year in order to keep costs low. Aroluxe isn't going to wait forever and they are the production company that TNA needs to produce TNA's shows in Orlando over the next week. Dixie is pretty much in the same position she was in back at Slammiversary. Once again, that wall is pushing in.
Then we have Billy Corgan, who began investing in TNA back around the time Slammiversary took place - the same time period that TNA's Chief Financial Officer Dean Broadhead talked on his Facebook page that it might be time for himself to retire as he admitted that the PPV and the tapings might not have even happened if it hadn't been for last minute maneueverings. Those maneuverings were Corgan investing and those investments led to him getting the Presidency of the company. He was the savior back in June, but it's a different scenario now. Corgan wants TNA, but obviously, it's not going to be an easy sale because so many others are involved and no one is willing to walk away with nothing to show for their ownership points. But, where it gets tricky is this - if Corgan has been the money that has kept TNA going since this past June, and he wants to buy TNA and it's not going to happen, why would he keep putting his money in if it's not getting him anywhere? I pose this question: what if Corgan decides he's not going to float this weekend's PPV and tapings? Would the other owners be able to pull it off without him? If not, that gives Corgan a lot of leverage, but that leverage only means something in the end if he gets the company. If not, he has thrown his money down a well and will be waiting like others to get his money back from TNA. All signs are that Corgan holds the keys to TNA taping at Bound for Glory and beyond, but that's not going to happen without Corgan getting something he wants - TNA ownership - nor should it. That wall is pushing in.
Then we have the talents, who have worked hard and have created a lot of great matches and moments - from Final Deletion on down - over the last several years. Matt Hardy has recreated himself. Drew Galloway and EC3 continue to kill it in the ring. Aron Rex has shown a lot of fire and passion. Maria Kanellis has been a tremendous heel. Moose seems more comfortable in TNA than he ever did in Ring of Honor if we are going to be honest. Even Allie has taken off as an endearing character. The wrestlers have worked hard and the matches are good, but at the end of the day, they need to get paid and there's only so much passion one can maintain if they are worried about what the next chapter of their lives are going to be. It's great to work hard but hey, everyone worked hard at the end of ECW too, and it didn't get them anywhere at the end of the day. They have dealt with late checks, broken promises and at times, lies to keep them going and working hard. Certainly that happens in all walks of life but the roster deserves answers and they deserve to know their future is safe. That wall is closing in.
Then there is the wall of the past. Past mistakes. Vendors looking for money owed. Former executive producers suing for money they claim to be owed. Even the company that shipped merchandise via cargo ships into the United States for TNA are looking for what they are owed. The ghosts of former talents who are doing more successful elsewhere when the company made the decision not to keep them or not to pay them. All of that builds up and each little brick builds upon the others, threatening to cascade over, because eventually, you either pay the old bills or you go bankrupt. That's how life works, no matter who you are. That wall, a wall that isn't as publicly spotlighted as the others, is closing in as well.
Indeed, the walls are closing in and Dixie Carter is standing in the middle of the trash compactor on the Death Star. So, what does she do?
The pressure is on, because unless everyone gets on board, Carter has to navigate the waters of needing one side for production, needing another side for the money and balancing all of that plus keeping a locker room full of talented and eclectic personalities happy, while also staving off the wolves of the past who are seeking their pound of flesh. It's a real life "House of Lies" but instead of Washington DC, the politics are about how to keep a wrestling promotion solvent and keeping the focus on what is going on in front of the cameras as the real battle continues to be what is happening behind the scenes.
Even if the scheduled TV tapings didn't take place this week (and let the record state, talent has had their flight details for weeks, so there are obviously plans for the tapings to happen - don't misinterpet what I am about to say), TNA could get around that by repurposing older material, filming new wrap-arounds, etc. There are ways to do that so that new content is sent to TV partners - even WWE has done that at times in the past. TNA can get by without producing new TV shows. But, on Sunday 10/2, TNA has to contractually produce a new, live PPV because if they don't, they will be in a major breach by breaking contracts with not just their PPV providers but all of their international TV partners as well - since Bound for Glory would be a special for those markets. 10/2 is the door Carter has to figure out a way past.
So, time is ticking away and decisions are going to have to be made, because all of the ripples Carter created with the decisions she's made over the last few years are bouncing back towards her at the same time. Does she tap out and sell to WWE, getting herself some cash and walking away from all the stress she's undoubtedly been under, leaving her minority owners to be forced to eventually sell as well? If so, does she sacrifice the livelyhood of everyone who is working for the company and everyone who has dealt with the hardships that were beyond their contract so that she can be free and clear and take a deep breath for herself? Does she let TNA and all that people hoped it might be sink into the depths of the WWE ocean?
Does Carter sell off to Corgan and walk away, knowing that she has to let the company go and exist without her involvement? Is she even willing, from an ego standpoint, to allow that to happen? Paul Heyman could have sold off ECW, but chose to let it die. Could Carter feel the same way? Is selling off to Corgan going to get her enough money that she's going to be happy with all the time and energy that she's put into TNA from 2002 on? One of the reasons TNA wasn't sold years ago was Carter had to remain in power and on camera - does she continued to put her own personal pursuits in front of what's best for TNA, it's staff and wrestlers? Is it time she goes out on her shield so that the company can try and live another day?
Does she just let the Titanic crash into the iceberg and allow the bankruptcy process to go forth by putting TNA in Chapter 7 and allow the courts to extricate the remains and determine who gets what, how and why? She certainly doesn't need to keep TNA alive in order to enjoy life. She was the one vacationing with her family in Africa earlier this year. Carter's life will go on without TNA, but she holds the key to whether TNA lives on. Does she decide to sell?
Or does Carter figure out a way to pull off one of the greatest Hail Marys in the history of pro wrestling by somehow, without losing any additional footing to minority owners, getting through the weekend and setting the stage for TNA to once again, play Indiana Jones by swinging over an endless chasm, barely making it and pulling itself up by it's fingernails to live and fight another day? And if so, what is TNA fighting for if, as recent history has shown, that victory is simply hitting reset at the end and playing this game over and over again? Something is going to have to give.
I don't imagine it's very fun being Dixie Carter these day and she has some heavy decisions to make - and those decisions don't just change her life and the lives of her family, but the lives of everyone who works for TNA and has struggled to see the company through. Carter's legacy may very well be decided over the next several days - and it will be that decision and that legacy that determines whether TNA follows WCW and ECW into the WWE archives, whether the company is given a fresh lease on life or whether it continues on it's current downtrodden path, a path that continues to get murkier and more convoluted with each step.
Heavy is the crown - as with it comes the responsibility and the blame. All eyes are on Dixie Carter as every decision she has made has led herself and TNA to this juncture. The health and future of her company and those who worked there are dependent on the decisions Carter makes over the next several days and trust me, decisions will have to be made. Choose wisely.
And an interview with Billy Corgan on Busted Open radio to discuss the situation:
{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}
By Mike Johnson on 2016-09-28 15:19:00
Billy Corgan appeared on SiriusXM's "Busted Open" radio show discussing TNA and where things stand for the company this afternoon.
When asked about the potential that Bound for Glory would not take place this Sunday, Corgan said he would be in Orlando "rain or shine" and said that the last three rounds of tapings, he has been the person who agreed to deals that financially floated those PPV/tapings to take place, noting they were deals where the "ink was drying" as he went to the ring. Corgan said that he's done everything in his power to make sure that Bound for Glory takes place from a personal and financial level - noting that he was using money from "his own pile" to attempt to purchase the "majority ownership" of TNA - and that he had put everything in place on his end. He said that at the end of the day, it's not up to him but he would be in Orlando "rain or shine."
Corgan said that the funding is part of the negotiations and the question is, what are the people funding the show getting for their money? Corgan said that where it gets complicated is that it's one thing to fund the company, but it's another to set the company up to be solvent and successful. Corgan said he didn't want to be having the same conversation with Busted Open in three months. Corgan said he has the funds to step forward, but if that means in two months, talents are in the same boat yet again, then what would be the point. Corgan said that all of talents he's spoken with are on board and hopeful he can steer the TNA ship going forward.
Corgan said, "Enough air has gone out of the balloon. It's time to put air back in the balloon and let this thing be what it can be." He said that if they can't remove the black cloud, he can't look the talents in the eye and tell them that now they can work on moving forward and creating everything TNA can be. If he can't be in that position to look Eddie Edwards and Bobby Lashley in the eye and know they are going to do business for the next 20 years together, he won't make a deal.
Corgan also asked that everyone listening to remember that there's a human element of people who perform for the company and those who work behind the scenes who will be greatly effected by what happens to the company and it's important to put them first.
Corgan also noted that he met with Pop TV President Bradley Schwartz last week in Los Angeles and Schwartz was very much on board with TNA and the "culture" Corgan wanted for the company.
Corgan said he wants to build a truly "21st century empire" where people can kick ass.
Dixie Carter was not mentioned by name.
Billy Corgan appeared on SiriusXM's "Busted Open" radio show discussing TNA and where things stand for the company this afternoon.
When asked about the potential that Bound for Glory would not take place this Sunday, Corgan said he would be in Orlando "rain or shine" and said that the last three rounds of tapings, he has been the person who agreed to deals that financially floated those PPV/tapings to take place, noting they were deals where the "ink was drying" as he went to the ring. Corgan said that he's done everything in his power to make sure that Bound for Glory takes place from a personal and financial level - noting that he was using money from "his own pile" to attempt to purchase the "majority ownership" of TNA - and that he had put everything in place on his end. He said that at the end of the day, it's not up to him but he would be in Orlando "rain or shine."
Corgan said that the funding is part of the negotiations and the question is, what are the people funding the show getting for their money? Corgan said that where it gets complicated is that it's one thing to fund the company, but it's another to set the company up to be solvent and successful. Corgan said he didn't want to be having the same conversation with Busted Open in three months. Corgan said he has the funds to step forward, but if that means in two months, talents are in the same boat yet again, then what would be the point. Corgan said that all of talents he's spoken with are on board and hopeful he can steer the TNA ship going forward.
Corgan said, "Enough air has gone out of the balloon. It's time to put air back in the balloon and let this thing be what it can be." He said that if they can't remove the black cloud, he can't look the talents in the eye and tell them that now they can work on moving forward and creating everything TNA can be. If he can't be in that position to look Eddie Edwards and Bobby Lashley in the eye and know they are going to do business for the next 20 years together, he won't make a deal.
Corgan also asked that everyone listening to remember that there's a human element of people who perform for the company and those who work behind the scenes who will be greatly effected by what happens to the company and it's important to put them first.
Corgan also noted that he met with Pop TV President Bradley Schwartz last week in Los Angeles and Schwartz was very much on board with TNA and the "culture" Corgan wanted for the company.
Corgan said he wants to build a truly "21st century empire" where people can kick ass.
Dixie Carter was not mentioned by name.
Here's an article alleging that TNA is canceling the TV tapings and flights for talent in order to cut costs (although this is being refuted by PWInsider):
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As mentioned at the top of the page, TNA is in full cost cutting mode and cancelling talent's flights and matches at the tapings to reduce costs as much as possible.
TNA Cancels Flights And Matches For Next Week's Impact Tapings, Backstage Talk On Nervous Talents
It's no secret that TNA is potentially facing their end times as they go into Bound For Glory weekend with the company sale up in the air and a need for funds to cover the pay-per-view as well as next week's Impact Wrestling tapings.
A veteran TNA talent told me today that everyone is very nervous about the impending sale. Many TNA talents are used to the uncertainty but it sounds like this is a new level of concern backstage.
Furthermore, some wrestlers who were booked for the Impact tapings next week have had their flights and matches canceled. The TNA talent I spoke with wasn't even sure if he will be on the Bound For Glory card as the company is really looking to save as much money as possible.
While it is possible that Bound For Glory doesn't happen exactly as planned, Billy Corgan and other officials remain optimistic that a deal will be made before Sunday.
Source: www.wrestlinginc.com/wi/news/2016/0928/617924/tna-cancels-flights-and-matches-for-next-week-impact-tapings/
According to WON, Dixie Carter is making it as difficult as humanly possible to go through with the sale:
{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}{Spoiler}According to The Wrestling Observer Newsletter, there is a growing frustration within TNA, due to the feeling that Dixie Carter is making a mess of the TNA sale negotiations. One person close to the sale told the Obsever the following…
“There are a lot of hurdles and games being played. She (Dixie Carter) has really made a mess and is responsible for all of it.”
Another person stated the following…
“I thought Aroluxe had it late last week (this was when just days earlier Billy Corgan seemed to be the one most expected to get it). Then Saturday (9/24) I thought Billy won. Now I know the same BS is still going back-and-forth. She is something else. I’ve never met someone so clueless. She is out of touch on all levels. Both sides want her out. There is no doubt there. It’s the only thing they can agree on.”
Carter is the one who will make the decision as to who ends up with the company. While WWE was in the picture earlier in the week, they are now reportedly out again.
Whoever buys the company will also have to deal with the promotion’s debt, which is said to be “millions of dollars,” owed to Aroluxe, Corgan and others. Some reports put the amount of the debt at greater than the value of the company. There are also now reports that FITE TV owns a small stake in the company.
TNA’s main issue is their lack of revenue. When they lost Spike TV and went to Destination America, they lost between 40 and 50 percent of their TV revenue deal. That is when things started to get bad. The move to POP TV sees TV getting a share of the advertising revenue, which is said to be almost non-existent.
A deal needs to get done by Friday, because if there is no funding, there will be no Bound for Glory or TV tapings. If this were to happen, TNA would be in breach of its television & PPV contracts, and could cause them the loss of those deals.
Source: 411mania.com/wrestling/dixie-carter-reportedly-making-a-mess-of-tna-sale-negotiations/
“There are a lot of hurdles and games being played. She (Dixie Carter) has really made a mess and is responsible for all of it.”
Another person stated the following…
“I thought Aroluxe had it late last week (this was when just days earlier Billy Corgan seemed to be the one most expected to get it). Then Saturday (9/24) I thought Billy won. Now I know the same BS is still going back-and-forth. She is something else. I’ve never met someone so clueless. She is out of touch on all levels. Both sides want her out. There is no doubt there. It’s the only thing they can agree on.”
Carter is the one who will make the decision as to who ends up with the company. While WWE was in the picture earlier in the week, they are now reportedly out again.
Whoever buys the company will also have to deal with the promotion’s debt, which is said to be “millions of dollars,” owed to Aroluxe, Corgan and others. Some reports put the amount of the debt at greater than the value of the company. There are also now reports that FITE TV owns a small stake in the company.
TNA’s main issue is their lack of revenue. When they lost Spike TV and went to Destination America, they lost between 40 and 50 percent of their TV revenue deal. That is when things started to get bad. The move to POP TV sees TV getting a share of the advertising revenue, which is said to be almost non-existent.
A deal needs to get done by Friday, because if there is no funding, there will be no Bound for Glory or TV tapings. If this were to happen, TNA would be in breach of its television & PPV contracts, and could cause them the loss of those deals.
Source: 411mania.com/wrestling/dixie-carter-reportedly-making-a-mess-of-tna-sale-negotiations/
Here are highlights from Billy Corgan's appearance on the Dan Le Batard show on Wednesday at 11 AM EDT:
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-There's a fight going on over who is getting majority ownership "How do you win a bidding war with Vince McMahon?" Billy: "You don't. If Vince McMahon wants to buy the company, there's nothing you or God can do to stop it."
-Bound for Glory isn't 100% confirmed, but Corgan is saying that it's most likely gonna go forward
Corgan right now talking about his belief that wrestling should have different philosophies in running a business. Also talking about how TNA has had financial issues for some time.
-Bound for Glory isn't 100% confirmed, but Corgan is saying that it's most likely gonna go forward
Corgan right now talking about his belief that wrestling should have different philosophies in running a business. Also talking about how TNA has had financial issues for some time.
PWInsider's Thursday night update regarding the situation:
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TNA NOTES
by Mike Johnson @ 6:40 PM on 9/29/2016
The number one email question we have received today is whether there were any changes or resolution when it comes to the TNA ownership situation. As of the end of business today, we are told that answer is no.
There were no major changes (or to the best of my knowledge, even major meetings) and everyone we have spoken to claims things are going forward with the company heading to Orlando, Florida this weekend. One would think that if anything major is going to happen, it would have to happen tomorrow as everyone is scheduled to fly to Orlando starting Saturday.
In regard to those asking abut WWE buying TNA, while there was communication (sparked on TNA's end according to a WWE source) that started last Thursday or Friday, those conversations are not currently ongoing. The belief among one person I spoke to was that if WWE decides they want to acquire TNA's footage, they could wait until "the time was right" to get it at the right price. Billy Corgan mentioned this morning at ESPN that it did not appear WWE was looking to buy the company as far as he knew, and he would have to be informed as minority owner.
If things go forward with the Bound for Glory PPV and TV tapings, the next question will be how everyone co-exists given all the jockeying for position and power in recent weeks.
I noted this last night, but in regard to rumors that booked talents have been canceled off the PPV and/or TV, that is incorrect. Flights were booked weeks ago and paid for by the company. There have been no major changes to plans for the Bound for Glory PPV and beyond other than potential "Plan B" type of discussions should Drew Galloway, who revealed on 9/22 that he was dealing with an injury issue, not be cleared to wrestle Aron Rex.
by Mike Johnson @ 6:40 PM on 9/29/2016
The number one email question we have received today is whether there were any changes or resolution when it comes to the TNA ownership situation. As of the end of business today, we are told that answer is no.
There were no major changes (or to the best of my knowledge, even major meetings) and everyone we have spoken to claims things are going forward with the company heading to Orlando, Florida this weekend. One would think that if anything major is going to happen, it would have to happen tomorrow as everyone is scheduled to fly to Orlando starting Saturday.
In regard to those asking abut WWE buying TNA, while there was communication (sparked on TNA's end according to a WWE source) that started last Thursday or Friday, those conversations are not currently ongoing. The belief among one person I spoke to was that if WWE decides they want to acquire TNA's footage, they could wait until "the time was right" to get it at the right price. Billy Corgan mentioned this morning at ESPN that it did not appear WWE was looking to buy the company as far as he knew, and he would have to be informed as minority owner.
If things go forward with the Bound for Glory PPV and TV tapings, the next question will be how everyone co-exists given all the jockeying for position and power in recent weeks.
I noted this last night, but in regard to rumors that booked talents have been canceled off the PPV and/or TV, that is incorrect. Flights were booked weeks ago and paid for by the company. There have been no major changes to plans for the Bound for Glory PPV and beyond other than potential "Plan B" type of discussions should Drew Galloway, who revealed on 9/22 that he was dealing with an injury issue, not be cleared to wrestle Aron Rex.
Bound For Glory happened pretty much as planned (minus Drew Galloway's last minute injury) and a talent meeting is planned for after BFG.
The TV Tapings are taking place this week and the thread can be found here.
Here are highlights from Dixie's meeting with the locker room:
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PWInsider says:
TNA majority owner Dixie Carter held a locker room meeting last night prior to the TNA Impact Wrestling taping in Orlando, Florida. According to several sources we have spoken to, Carter spoke to talents about a number of different issues and allowed talents to ask questions.
One of the issues we were told was discussed was regarding late payments to the talents and Carter stated that there are times were payments are made late, stating that is because TNA is waiting for money they are owed to come in.
Carter was also asked about rumors that WWE was about to buy the promotion. Carter, we are told, acknowledged that WWE wanted to purchase but stated that she would not let that happen, although she could have. Carter also stated that the company still owns their own tape library in regard to rumors that WWE was purchasing that.
Carter made it clear that she is still the majority owner of TNA but acknowledged there has been some in-fighting and a power struggle amongst the other owners of the company.
In regard to the financial issues leading into Bound for Glory, Carter said that the show was never not going to happen but acknowledged that they "scrambled" leading up to the PPV.
We are told that Carter acted surprised that everyone was so up in arms and worried about the status of the company and apologized to the locker room that there was so much concern and worry among them.
Amongst those that we spoke to, the feeling was that the locker room meeting did help alleviate some concerns, but there's obviously still a worry at the end of the day about where things may go after the company is done filming for the rest of the year. But, there was respect for her stepping up and addressing the roster.
One of the issues we were told was discussed was regarding late payments to the talents and Carter stated that there are times were payments are made late, stating that is because TNA is waiting for money they are owed to come in.
Carter was also asked about rumors that WWE was about to buy the promotion. Carter, we are told, acknowledged that WWE wanted to purchase but stated that she would not let that happen, although she could have. Carter also stated that the company still owns their own tape library in regard to rumors that WWE was purchasing that.
Carter made it clear that she is still the majority owner of TNA but acknowledged there has been some in-fighting and a power struggle amongst the other owners of the company.
In regard to the financial issues leading into Bound for Glory, Carter said that the show was never not going to happen but acknowledged that they "scrambled" leading up to the PPV.
We are told that Carter acted surprised that everyone was so up in arms and worried about the status of the company and apologized to the locker room that there was so much concern and worry among them.
Amongst those that we spoke to, the feeling was that the locker room meeting did help alleviate some concerns, but there's obviously still a worry at the end of the day about where things may go after the company is done filming for the rest of the year. But, there was respect for her stepping up and addressing the roster.
