After reports that TNA had run out of money last month, owner Dixie Carter frantically tried to raise the funds to put on their biggest PPV of the year Bound For Glory. Everyone from TNA President Billy Corgan to WWE were rumoured – I’m pretty sure I was buying TNA at one point – but a ‘third party’ saved the day at the last minute, which seems to be the Fight Network’s parent company Anthem Sports & Entertainment.
This gave TNA enough money to put on Bound for Glory and the subsequent TV tapings, but the issue still remains: what is really going on backstage?
Corgan filed a lawsuit against TNA and Carter two weeks ago, and now the case’s sealed documents have been released, we might have an answer to that question.
PWInsider and ProWrestlingSheet are reporting that Corgan’s lawsuit claims that as TNA’s debts now outweigh its actual worth, the company is insolvent – which means it can’t pay back the people they owe money to.
The lawsuit’s released documents allege that when Corgan invested in TNA for the third time back in August this year – to save the company from foreclosure – he entered into a “100% equity pledge agreement” with TNA owner Dixie Carter. Which means if TNA becomes insolvent – like Corgan is claiming they have – he gets Carter’s 92.5% share of the company.
TNA’s financial issues were never just going to affect the company’s ownership, though, and the effects are trickling down to the wrestlers themselves.
WrestlingNewsWorld are reporting that TNA’s entire roster were told they would be receiving checks for their recent dates, but almost nobody got one. This has prompted at least a dozen wrestlers to reportedly threaten to quit if they’re not paid, and several have already retained attorneys to declare their contracts have been breached and that they’re now free agents.
According to the site, some are already reaching out to WWE to see if there’s any interest. Usually WWE wouldn’t touch them if there’s impending litigation, but because TNA is in such a bad state – which is to say, they’ve got enough lawsuits as it is right now – WWE are “expected to be aggressive as they’re still searching for more talent.”
What do you think about TNA’s backstage situations? Tell us how it’s just all a Broken Matt Hardy storyline in the comments.