NWA’s President Bruce Tharpe, who sold the rights to everything that involves the National Wrestling Alliance, said in a post on Facebook that the decision to sell to Billy Corgan came after “many weeks of negotiation and deep consideration.”

Tharpe said that Corgan is a very successful businessman and has a deep admiration and respect for the NWA. He added that with the capital and business acumen that Billy Corgan is bringing with him, he is confident that he can take the National Wrestling Alliance to the next level.

“I am not leaving wrestling – but after four years at the helm of the NWA – I look forward to stepping back and allowing someone new and passionate to take control of this great and noble organization,” Tharpe said.

The deal does not include the NWA video-on-demand service or any footage that is part of it. PWInsider.com adds that in the sale, none of the promotions or wrestlers were acquired. The NWA name is being licensed to several promotions across the United States and promoters pay a sum to carry the name.