TNA Owner Calls Company “Insolvent”

It’s not good when it comes from the top. Over the past few weeks, news of TNA’s financial woes have been widespread. Up to this point the reports have only been coming from outside sources, but now Billy Corgan, who owns a share of TNA, has confirmed the issues. According to the restraining order filed by Corgan against Dixie Carter (as originally reported by PWInsider by way of 411mania.com), Corgan claims the company is insolvent and unable to pay off its debts.

 

Due to the restraining order, TNA is not allowed to make any changes without Corgan’s consent. This includes licensing the tape library, signing new talent or renewing contracts with existing talent. The restraining order is in effect until the next hearing on the matter, which takes place October 26.

I know we’ve talked about it for years but these statements are now being officially made in court. Corgan has invested good money in TNA and is now saying they can’t pay their debts. This is coming from someone with inside information on the promotion and not anyone who is watching from outside. I know it’s looked bad before but barring a big save, TNA’s days look to be numbered.

What do you think will happen to TNA next? Is there a way out of this for them? Let us know in the comments below.