PWInsider.com is reporting – citing multiple sources – that Billy Corgan is in the final stages of purchasing a minority stake in TNA Wrestling.
The 49 year old frontman of The Smashing Pumpkins currently holds the position of Senior Producer of Creative and Talent Development for TNA, a position he held since joining the company in mid 2015.
Corgan’s stake will not change the major decisions as it relates to TNA business as Dixie Carter still holds the majority, however he will have a bigger say than he currently does. PWInsider did not say what percentage of the company he bought.
Billy Corgan is a life-long wrestling fan and in 2011 he founded Resistance Pro Wrestling, an indie wrestling group based in Chicago.
TNA has been in big financial problems for quite a while and recently the company has been looking for an injection of cash to keep it floating.