Billy Corgan has lost his legal bid to take control of TNA Impact Wrestling.
The Smashing Pumpkins singer - who was named president of the sports entertainment organisation in August - had filed a lawsuit in which it was stated that due to ''multiple events of default'' on three loans, which totalled $1.8 million, that he had given to the company he had the legal right to take over the business, of which the majority shareholder is Dixie Carter.
Billy named Dixie, Serg Salias, TNA Wrestling and the brand's parent company Impact Ventures in his lawsuit and informed a court in Nashville that he was legally entitled Carter's voting rights, that he should be able to ''remove the managers of Impact Ventures, LLC'' and he also requested a temporary restraining order to prevent TNA from doing business without his consent.
Now his claims have been rejected by the court as it was ruled that the 'Today' hitmaker did not meet the ''required burden of proof'', however, TNA is required to pay Corgan back by November 1, 2016.
TNA has been working with Fight Network as it battles against insolvency and Fight Network's parent company, Anthem Sports & Entertainment Corp., has already gone on record as saying they will repay Corgan's loans on behalf of TNA which would make Anthem the majority shareholder as they would take over 85 per cent of the company's shares as part of their own prearranged agreement with TNA leaving Dixie with just five per cent and Aroluxe Marketing with the rest.
The 54-year-old musician - who is a lifelong wrestling fan - has taken to his Twitter account to share his thoughts on the ruling and although his claim has not been upheld he is pleased his case was heard.
In a series of tweets, he wrote: ''For those asking, I'm in no way disappointed in the judge's ruling regarding TNA. Rather, I'm grateful the judge considered the case. It's important to note these proceedings have brought forth facts which illuminate business practices I have fought against for a reason. And I suggest that a careful reading on the judge's ruling supports there can be no claim of victory by anyone in a position of authority.''
In a further blow to TNA - which has star wrestlers such as Abyss, Bobby Lashley and Matt Hardy and his brother Jeff Hardy under contract - British broadcaster Challenge TV announced on Tuesday (01.11.16) it will no longer continue to air the company's shows from January 2017.
A statement released on Challenge's website reads: ''We know that many TNA fans will be disappointed to hear this, but we wanted to let you all know that as of January 2017, Challenge will no longer be the home of TNA in the UK. TNA has been a huge and important part of Challenge's story over the years and we will treasure some great moments like the 'British Bootcamp' and UK tours. We have been proud to bring UK viewers coverage of TNA and have huge respect for the company and its fans. TNA is packed with great talent and we know they will continue to do great things - we wish them all the best.''
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