Will BFG Happen? Who Will Dixie Sell To?

On today's WOR, Meltzer discussed the state of TNA...

"So… We still don’t have a deal. And time is running out. There’s no money to fund this week’s television and PPV. Um, WWE is back in the picture, which is a really interesting thing because with WWE in the picture, it could be over. And, you know, Dixie could sell to whoever she wants to sell too and I guess it’s become very complicated. Billy Corgan talked to ESPN and said, you know, he wanted to buy it but...and he’s got the money to buy it but its a complicated thing.. and he talked like it’s a deal that would take weeks to put together. And they don’t got weeks. They got like…I talked to somebody there and its essentially.. they got until Friday because that’s the last business day before Sunday. They can’t really, you know, get everything to the bank and get the money in and all that and be ready on a Sunday. It’s just not going to work. So they got a couple days to get this deal done.

Billy Corgan has also said that if he buys the company, he is changing the name of the company which, quite frankly, I would do. Just the feeling, it’s a tainted brand name and it’s just better to start with something else. Um, I would like to give it a little facelifting and get it out of Orlando, but, you know, financially, the last time they got out of Orlando, it cost them so much money that it really wasn’t worth it. And you know, they are really high on the Hardy’s thing. But everyday, you know, there’s talks going on, stuff going on and uh there’s not a lot of time.

If they sell to WWE, they are pretty much done. It’s pretty much it. You know, WWE would buy the tape library and um… there’s so much there because one of the complicated things is all the debt. There’s millions of dollars that there in the hole right now. There’s more in the hole than it would cost to buy the company. So, that make’s it real complicated. There's people who might be willing to buy the company. It’s like if Billy or Aerolux, let’s just say one of them buys it. Well, the other one would have to, you know, buy the company from Dixie for whatever it is but they are also going to have to pay the other one, the money that they put in for all those TV’s, not to mention all the other money for god knows what is still owed… wrestlers that might be behind.. whatever.. there’s so much.. its like.. its not an easy deal. Last week, I was talking to somebody from the outside, and my feeling is because the time situation, that's not happening. That deal is not happening in 4 days. With WWE, that's not as difficult because you’re just selling the tape library. With WWE, everyone would lose their job. Well, not everyone. They would take some wrestlers but the company would be done though."

TNA President Billy Corgan was on SiriusXM’s Busted Open Radio to talk about the state of TNA.

Right off the bat he was asked about the rumors swirling about TNA this week and the potential sale. Corgan said, “there’s been a lot of stuff over the last 6+ months.” He said that the company has had a for sale sign for a long time and he got involved and has taken a bigger role in the last 6 months and it’s difficult because he wants to talk about specifics but there are legal things he can’t talk about. He said, “there are a lot of people at the table and there are a lot of people looking at it.” He said that whatever happens this weekend will change the direction of the company forever. He said that it could mean that the company ends or it could mean that it continues.

Corgan is asking everyone to be very sensitive to the talent that is working in TNA and he doesn’t want to throw gasoline on a fire. He said that he wants to put out that fire.

Corgan said that he has support within the company and that is helping him move forward and there are a lot of things going on that are really complicated. He wants to create a stable work environment. Corgan praised WWE for being the gold standard of the wrestling business but he wants people to step back and think about the human element involved and he wants them to have another place to work (TNA). He said it would be a shame if things (with TNA) were cut short for financial reasons or business reasons.

Corgan was asked about Pop TV’s commitment to TNA. He said that he was just in L.A. and he met with Brad Schwartz (Pop TV President) and he got a vote of support from them and they support Corgan.

Corgan was asked about Bound For Glory’s status for Sunday. Corgan said “the last 3 tapings, I’ve had to step in at the last minute and walk to the ring as the ink is drying” and he remains optimistic that a solution can be reached for BFG. Corgan said, “I will be in Orlando come rain or shine.” He could not speak for everyone else but he plans on being there on Sunday. His exact quote was, “At the end of the day, it is not up to me. But I remain optimistic and I will be in Orlando on Sunday.”

Corgan said that he has an open door policy when it comes to talent and they’ve been reaching out and he’s had great conversations with them. He talked about how much everybody cares about each other and how tight-knit they are. He said that he has yet to see someone go into business for themselves or act selfishly. Corgan said that he can go back to his other job if this doesn’t work out but it’s not exactly the case for others in TNA. He said that he doesn’t believe in smokescreens and he believes in telling them the truth.

Corgan said that travel is booked but the company is in the same situation as before. Basically, they need funding to run the show. He said, “the funding sort of meets the deal making.” Corgan said that it comes down to “what do I get for funding?” Corgan said that this part is the “stress point.” He said that it’s one thing to fund the company and it’s another to set the company up to be successful and he wants it to be solvent and consistent for the future.

“I don’t want to make a shitty deal,” Corgan said. He said that he wanted to make a deal that can help put him in the position to build an empire.

According to The Wrestling Observer Newsletter, there is a growing frustration within TNA, due to the feeling that Dixie Carter is making a mess of the TNA sale negotiations. One person close to the sale told the Obsever the following…

“There are a lot of hurdles and games being played. She (Dixie Carter) has really made a mess and is responsible for all of it.”

Another person stated the following…

“I thought Aroluxe had it late last week (this was when just days earlier Billy Corgan seemed to be the one most expected to get it). Then Saturday (9/24) I thought Billy won. Now I know the same BS is still going back-and-forth. She is something else. I’ve never met someone so clueless. She is out of touch on all levels. Both sides want her out. There is no doubt there. It’s the only thing they can agree on.”

Carter is the one who will make the decision as to who ends up with the company. While WWE was in the picture earlier in the week, they are now reportedly out again.

Whoever buys the company will also have to deal with the promotion’s debt, which is said to be “millions of dollars,” owed to Aroluxe, Corgan and others. Some reports put the amount of the debt at greater than the value of the company. There are also now reports that FITE TV owns a small stake in the company.

TNA’s main issue is their lack of revenue. When they lost Spike TV and went to Destination America, they lost between 40 and 50 percent of their TV revenue deal. That is when things started to get bad. The move to POP TV sees TV getting a share of the advertising revenue, which said to be almost non-existent.

A deal needs to get done by Friday, because of there is no funding, there will be no Bound for Glory or TV tapings. If this were to happen, TNA would be in breach of its television & PPV contracts, and could cause them the loss of those deals.

it still amazes that anyone (outside of wwe for the tape library) actually wants to buy this mess.

from Pwinsider's Mike Johnson

The number one email question we have received today is whether there were any changes or resolution when it comes to the TNA ownership situation. As of the end of business today, we are told that answer is no.

There were no major changes (or to the best of my knowledge, even major meetings) and everyone we have spoken to claims things are going forward with the company heading to Orlando, Florida this weekend. One would think that if anything major is going to happen, it would have to happen tomorrow as everyone is scheduled to fly to Orlando starting Saturday.

In regard to those asking abut WWE buying TNA, while there was communication (sparked on TNA's end according to a WWE source) that started last Thursday or Friday, those conversations are not currently ongoing. The belief among one person I spoke to was that if WWE decides they want to acquire TNA's footage, they could wait until "the time was right" to get it at the right price. Billy Corgan mentioned this morning at ESPN that it did not appear WWE was looking to buy the company as far as he knew, and he would have to be informed as minority owner.

If things go forward with the Bound for Glory PPV and TV tapings, the next question will be how everyone co-exists given all the jockeying for position and power in recent weeks.

In regard to rumors that booked talents have been canceled off the PPV and/or TV, that is incorrect. Flights were booked weeks ago and paid for by the company. There have been no major changes to plans for the Bound for Glory PPV and beyond other than potential "Plan B" type of discussions should Drew Galloway, who revealed on 9/22 that he was dealing with an injury issue, not be cleared to wrestle Aron Rex.

I think Billy will end up giving in and paying for BFG & a few weeks worth of TV with out a deal signed and we will be here again in a few weeks wondering if time is up.

I think it crazy that Billy would agree to take the large debt unless he has big time investors line up, Even if Dixie keep the debt and sell him the rest.. He only giving them a year or so its only his money, unless they some how go on the road, sell tickets and merch big time.

I mean, career crazy people Dixie Carter and Billy Corgan are trying to make a deal. Shocked its not going well.

Well Dixie just posted the following on Twitter: "I don’t make it a habit to reply to speculation, but I'll say if you're close to Orlando this Sun-Sat YOU DO NOT WANT TO MISS THESE TAPINGS! Going to be an INCREDIBLE live #BoundForGlory on Sunday and big things planned for @impactwrestling shows. @poptv"

Dixie's gonna have a bake sale to try and raise enough money to pay for the next set of tapings. If you're in the Orlando area, you don't wanna miss a chance to try her lemon bars! Old family recipe. BE THERE!

Well BFG took place and looks like 2 months of tv will be taped this week .. so we will probably have this drama again come December cause of Dixie.

Meltz in the daily update earlier in the day wrote that.. There's nothing new to report on the TNA front. What we do know is that the money that allowed them to pay for the downlink, so the PPV could be broadcast, came in on Thursday, but who is funding this is still unknown.

By Mike Johnson on 2016-10-04 11:32:00

TNA majority owner Dixie Carter held a locker room meeting last night prior to the TNA Impact Wrestling taping in Orlando, Florida. According to several sources we have spoken to, Carter spoke to talents about a number of different issues and allowed talents to ask questions.

One of the issues we were told was discussed was regarding late payments to the talents and Carter stated that there are times were payments are made late, stating that is because TNA is waiting for money they are owed to come in.

Carter was also asked about rumors that WWE was about to buy the promotion. Carter, we are told, acknowledged that WWE wanted to purchase but stated that she would not let that happen, although she could have. Carter also stated that the company still owns their own tape library in regard to rumors that WWE was purchasing that.

Carter made it clear that she is still the majority owner of TNA but acknowledged there has been some in-fighting and a power struggle amongst the other owners of the company.

In regard to the financial issues leading into Bound for Glory, Carter said that the show was never not going to happen but acknowledged that they "scrambled" leading up to the PPV.

We are told that Carter acted surprised that everyone was so up in arms and worried about the status of the company and apologized to the locker room that there was so much concern and worry among them.

Amongst those that we spoke to, the feeling was that the locker room meeting did help alleviate some concerns, but there's obviously still a worry at the end of the day about where things may go after the company is done filming for the rest of the year.

According to Wrestling Observer Newsletter, the TNA ownership situation is still in limbo as nothing was settled at last week’s tapings. TNA doesn’t have to worry about money for tapings until the beginning of January, and at that time some international TV revenue is coming in. But the company still owes a lot of money to several different people.

Aroluxe and Corgan are still both in the game in regards to buying the company, but things are reportedly heated behind the scenes involving Dixie Carter, Billy Corgan, Aroluxe and John Gaburick. There is a lot of heat on Carter for not getting deals done and the vibe was said to be depressing. The other group that was reportedly interested (that wanted to do live events and expand the company) is out of the running to buy the company. WWE is also said to be out of the picture right now.

There is no word on where the money came from to finance Bound for Glory and the TV tapings, but it was likely one of the three minority owners; Fight Network, Corgan or Aroluxe. Talent is hoping that Corgan gets the company, and are aware of how bad the situation is right now. The blame for the Carter/Corgan talks going south is on Carter with talent feeling that she had been deceptive and that she didn’t address any issues before the PPV. Some even thought that she was “playing dumb” to avoid addressing the situation.

Talent on guaranteed deals are scheduled to be paid on October 15th and the 30th. The talent not on guarantees and production people are also owed money for the last tapings.