Well, Anthem Sports, the parent company of Fight Network and the company that founded the last round of TNA’s television tapings, has officially taken over control of Impact Wrestling. Anthem, you may recall, had offered to repay Billy Corgan’s loan to TNA before Corgan took the wrestling promotion to court. But in the wake of Monday’s ruling, TNA was ordered to repay Corgan’s nearly two million dollar loan by Tuesday. So Anthem, which is assuming control of TNA, will have to pay that loan anyway. Got it? Cool.
On Thursday, Anthem announced via press release that they would be providing a “credit facility” to TNA in order to fund operations moving forward. They will also be installing their own Executive Vice President to oversee day to day operations and “restructuring decisions.”
The press release:
Toronto, Canada (November 3, 2016) – Anthem Sports & Entertainment Corp. and Impact Ventures, parent company of TNA Impact Wrestling, today announced that Anthem has provided a credit facility to TNA to fund operations.
Anthem Sports & Entertainment Corp. is a global sports media company that operates Fight Network, Impact Wrestling’s exclusive broadcaster in Canada, as well as the exclusive worldwide digital streaming partner for all TNA programming. It is also an equity stakeholder of Impact Ventures.
The agreement includes the appointment of Anthem Executive Vice President Ed Nordholm to the Impact Ventures Board of Managers. The company will be managed by the Board with Mr. Nordholm representing the Board on all major operating and restructuring decisions. Dixie Carter will continue as Chair of the Company, as well as her position on the Board of Managers. Billy Corgan is no longer with the company.
“We have had a successful, long-term partnership with Fight Network as our Canadian broadcaster, and more recently as our global digital partner,” said Dixie Carter. “Anthem’s team has extensive media experience, and I am excited to have that available to us as we plan for the future.”
“We have consistently maintained that investing in content as we grow our distribution is important as a strategic necessity, and working more closely with a strong brand like TNA is in line with that. This financing is an extension of the support we have been providing since the beginning of the year,” said Leonard Asper, CEO of Anthem. “There are tremendous opportunities to support the company’s growth on all platforms and in all media along side Dixie and the incredible talent and staff at TNA.”
But despite publicly stating that the company’s time with Billy Corgan is at an end, the Smashing Pumpkins frontman and now-former TNA President took to Twitter to say that this is all far from resolved, and he may pursue his ability to turn his debt into a 36 percent stake in Impact Wrestling.
https://twitter.com/Billy/status/794232124522004482
https://twitter.com/Billy/status/794232633207226368
https://twitter.com/Billy/status/794233412034891776
So the company that is meant to be bailing TNA out of their mess wasn’t able to live up to the first and most pressing order of business they were supposed to tend to. That’s heartening. It can only get better from here! We’ll probably be back in a few hours with another new update about how the new owners of TNA fell in some butterscotch and can’t leave the office because they’re all stuck together.
