TNA Wrestling announced today that Billy Corgan is no longer President of the company.
Impact Ventures and Fight Network announced their new credit partnership today in a release that states, “The agreement includes the appointment of Anthem Executive Vice President Ed Nordholm to the Impact Ventures Board of Managers.” In the release, it states that Corgan is no longer with TNA.
Here is the statement issued:
Anthem Sports & Entertainment and Impact Ventures Announce Credit Relationship
November 3, 2016 – 1:10pm
Toronto, Canada (November 3, 2016) – Anthem Sports & Entertainment Corp. and Impact Ventures, parent company of TNA Impact Wrestling, today announced that Anthem has provided a credit facility to TNA to fund operations.
Anthem Sports & Entertainment Corp. is a global sports media company that operates Fight Network, Impact Wrestling’s exclusive broadcaster in Canada, as well as the exclusive worldwide digital streaming partner for all TNA programming. It is also an equity stakeholder of Impact Ventures.
The agreement includes the appointment of Anthem Executive Vice President Ed Nordholm to the Impact Ventures Board of Managers. The company will be managed by the Board with Mr. Nordholm representing the Board on all major operating and restructuring decisions. Dixie Carter will continue as Chair of the Company, as well as her position on the Board of Managers. Billy Corgan is no longer with the company.
“We have had a successful, long-term partnership with Fight Network as our Canadian broadcaster, and more recently as our global digital partner,” said Dixie Carter. “Anthem’s team has extensive media experience, and I am excited to have that available to us as we plan for the future.”
“We have consistently maintained that investing in content as we grow our distribution is important as a strategic necessity, and working more closely with a strong brand like TNA is in line with that. This financing is an extension of the support we have been providing since the beginning of the year,” said Leonard Asper, CEO of Anthem. “There are tremendous opportunities to support the company’s growth on all platforms and in all media along side Dixie and the incredible talent and staff at TNA.”
Corgan has NOT been repaid for the money TNA owes him — the deadline was November 1st — and he was forced out of the presidency position.
Corgan released a statement on Twitter: