The Smashing Pumpkins star was appointed president of TNA's parent firm IMPACT Ventures in August (16), but he fell out with chairwoman Dixie Carter and other executives after loaning them $1.8 million (£1.44 million) to keep the company afloat.

Last month (Oct16), he sued Carter and co. in a bid to take control of the brand, arguing the terms of the loan granted him Carter's voting rights if the company became insolvent. He insisted TNA was already bankrupt because it owes a significant amount to creditors and contractors, but his motion was rejected in court.

The defence attorney insisted TNA officials would repay Corgan the full fee with interest by 1 November (16) - but the date passed without the rocker receiving any funds.

Now the battle is set to get even uglier after executives at IMPACT Ventures and Anthem Sports & Entertainment cut all ties with Corgan, insisting he no longer has anything to do with the organisation.

Corgan, a huge wrestling fan, has since responded with his own statement, vowing to take TNA bosses back to court for breaking the repayment deal.

The statement, obtained by TMZ.com, reads: "FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge.

"Yesterday they asked for a day to 'get $ (money) 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.

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