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Anthem announces funding of TNA, but Billy Corgan not done fighting yet

Billy Corgan

Shortly after an email was sent to talent and the staff, Anthem Sports & Entertainment and Impact Wrestling sent out a joint press release Thursday confirming what had previoulsy been stated about Anthem funding the company and taking over.

From the release:

"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 exclusive worldwide digits 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 operation and restructuring decisions. Dixie Carter will continue as Chair of the company, a well as her position on the Board of Mangers. 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 had 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 alongside Dixie and the incredible talent and staff at TNA."

Talent was told that Carter would remain on the board but would no longer be part of day-to-day operations.

What is also notable is that Corgan was supposed to be paid back his money owed with interest on Tuesday. As of today, he claimed he had not been paid yet.

"FACT: TNA was supposed to pay me two days ago, which they swore in front of a judge," wrote Corgan on Twitter.  "Yesterday they asked for a day to get $ together upon which, (yesterday or today), they'd reach out directly to settle all claims.  So they lied again and have used the time as a weapon."

Corgan is planning on continuing his legal battle for control of the company.

"FACT:  I have still not been paid, and I'm exploring all remedies including new filings with court and converting to 36 percent equity."

A very detailed story on the legal fight and current situation with the company is in the new issue of the Observer, available now for subscribers.