Today, Anthem Sports and Entertainment and Billy Corgan jointly issued a press release regarding the litigation that Corgan had filed against the company previously. In the release, Anthem indicated that they have now acquired Corgan’s loan to Impact Ventures and in exchange Corgan has dismissed his suit against the company. The release is shown below.
Bill Says: Now that it appears that Corgan has been paid and has moved on from the company, it will be interesting to see if the next shoe drops and Anthem announces that they have assumed majority control of TNA.
Anthem Sports & Entertainment Corp. and William “Billy” Corgan today announced that they have completed an agreement to resolve Mr. Corgan’s litigation against Impact Ventures, parent company of TNA Impact Wrestling. Anthem has acquired Mr. Corgan’s loan to Impact Ventures on undisclosed terms, and Mr. Corgan has dismissed his proceedings against Impact Ventures and TNA Impact Wrestling.
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.
Anthem Executive Vice President Ed Nordholm stated: “We are pleased to conclude these arrangements with Mr. Corgan. The events leading to litigation were unfortunate but also reflected all parties’ desire in good faith to support the company. The arrangements we have made with Mr. Corgan respect all parties’ gratitude for his contributions to Impact Wrestling, both creatively and financially. We can now close this chapter and look forward to making Impact Wrestling a leader in the professional wrestling world.”
“I’m pleased that an agreement is now in place that allows wrestling operations to continue,” said Corgan, Impact’s former president, “for my interest from the start was to provide support, be it material or creative, to such a great roster and crew. And as I plan on continuing in the business side of pro wrestling, I look forward to seeing where Anthem’s leadership takes the company in 2017, and wish them the best.”