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Thread: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

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    Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by PWInsider
    Smashing Pumpkins front man and former TNA Wrestling President Billy Corgan has agreed in principle to purchase the National Wrestling Alliance, PWInsider.com has confirmed with multiple sources. The deal in place would see Corgan purchase the name, rights, trademarks to the NWA as well as the rights and possession of the NWA championship belt.

    Formed in 1948, at one point the National Wrestling Alliance was the largest and most well known governing body in professional wrestling, a group put together by promoters to share one World champion and help share talent and protect each other's interests. The NWA Board of Directors would control who the shared World champion was and winning the belt was legitimately a feat in itself, because the champion was chosen for legitimate toughness, drawing power and the ability to enter member areas and help spark their business. For decades, the NWA champion was considered the most important champion in the business, often touring and traveling the world to defend the belt for member promotions. For older fans, the NWA championship was the belt in professional wrestling and was the measuring stick for greatness and what defined old school professional wrestling.


    By the late 1980s, many of the members had gone out of business or been neutralized as Vince McMahon took the then-WWF national, helping to effectively destroy the territory system that the NWA flourished under. As the dust of WWF's expansion settled, the last true bastion of the old NWA was Jim Crockett Promotions, who waged a war against the WWF, empowered by names like Sting, Ric Flair, The Road Warriors and Dusty Rhodes. In the end, financial issues forced the Crockett family to sell to Ted Turner's Turner Broadcasting, who's TBS Superstation broadcast Crockett TV. While the NWA name was still utilized, Turner had not actually purchased the NWA itself, just the Crocketts' promotion.


    By 1991, the NWA name was dropped after a dispute and Turner's company was re-titled World Championship Wrestling publicly. WCW tried again to work with the NWA in 1992 (including working with them and New Japan to crown a new champion in Mahahiro Chono) but that association was done the following summer when booking decisions were made to change the NWA title without consulting the NWA Board of Directors, who in theory still had power to approve or deny who carried the belt. At the time WCW, was filmed television months in advance and filmed material with Rude holding the belt. While the decision was made to move the belt from Ric Flair to Rick Rude, the NWA was never consulted. The NWA cried foul and by the time the Flair vs. Rude feud actually took place, it was over "the big Gold belt" and later, the WCW International World championship, clunky ways of getting around using the NWA name.


    With no national outlet, most fans viewing at home likely believed the NWA just happened to morph into WCW. The reality, however, was quite different as the NWA soldiered on, albeit it on a much smaller scale, with the late Dennis Corralluzo being its prime (and in some cases, sole) cheerleader in attempting to bring the brand some notoriety New members were added, including Tod Gordon's Eastern Championship Wrestling. In August 1994, an attempt to crown a new champion at an ECW event instead resulted with Shane Douglas throwing down the title he had just won, instead declaring the NWA an organization that "died, R.I.P., seven years ago" en route to declaring the ECW championship the ECW World title.


    The reality was, Douglas wasn't really lying. By the mid 1990s, the NWA was on its last legs. At one point, it almost shut down before Howard Brody was named President and asked members to give him one year to try and make things work. By the end of that year, the NWA was featured briefly on WWF TV. While that run was anything but memorable, the exposure on WWF television led to a slew of new member promotions paying to join the organization, saving it from going out of business and renewing it as a viable option for independent wrestling promotions. That story, and many others recounting Brody's attempts to keep the NWA viable can be found in his excellent autobiography Swimming with Piranhas.


    In 2002, the Jarretts came to the promotion seeking the rights to utilize the NWA championship for their new venture, TNA. The organization agreed to a licensing deal and the rights to the championships. For the first several years of TNA's existence, the NWA title was the top championship and prize for the organization until a falling out over money led to the NWA pulling the rights to those belts. TNA responded by crowning the first TNA champion. Again, to the average viewer, the NWA disappeared.


    The NWA was once again back to being a collection of independent wrestling promotions who shared the champion and the NWA banner, although a far cry from the united front that existed in the territory era, with names like Adam Pearce and Colt Cabana attempting to bring attention to the championship.


    In a strange twist of events, Bruce Tharpe's International Wrestling Corp, LLC, sued the NWA and a number of its banner members in 2012, alleging insurance fraud regarding the liability insurance policy that was shared among NWA members. In a legal maneuver that has yet to ever be explained publicly, Tharpe was able to leverage the lawsuit into gaining ownership of the NWA brand, seeing a number of groups that were involved (including Dave Marquez' Championship Wrestling from Hollywood, at the time, one of the few NWA outlets with legitimate TV) depart the company. The change-over was captured firsthand in Adam Pearce's documentary Seven Levels of Hate, which was designed to capture his feud with Cabana but by the end, turned into a story about how they were now fighting for a title owned by a promotion that didn't care about what they were trying to do and indeed, didn't want Cabana as champion. In the end, both exited the promotion after vacating the belt in Australia.


    Under Tharpe, the NWA changed from a group that allowed members to join to a promotion that instead licensed the NWA letters out to those willing to pay to use them. The promotion has at times worked with New Japan since Tharpe acquired it, but in recent years, the NWA's blip on the radar screen has increasingly faded over time, with little television exposure beyond what bookings the champion (and Tharpe) have gotten from NJPW. In an interesting piece of trivia, prior to the Tharpe takeover of the NWA, Sinclair Broadcasting looked into buying the promotion as they were seeking out wrestling programming. In the end, they passed and instead opted to purchase Ring of Honor, which they have operated since they acquired ROH in May 2011. So, in an alternative universe somewhere, the NWA is on Sinclair Broadcasting every week while ROH likely no longer exists.


    Once finalized, the purchase of the National Wrestling Alliance would be Corgan's first move within the professional wrestling world since departing TNA Wrestling after failing to purchase that promotion. Corgan began investing in TNA in June 2016, helping to finance the company's Slammiversary PPV and subsequent TV tapings as part of a deal that saw him purchase a minority share in the company. Additional investments in the company led to Corgan acquiring a larger share in the company and on 8/12, TNA issued a press release announcing that Corgan had replaced Dixie Carter as the President of the company and would be handling the day to day operations of the company while Carter would "focus on long-term planning, strategic partnerships and global growth."


    Shortly after being named President, Corgan announced his intentions to purchase the company and potentially change its name from TNA. He had meetings with different cable outlets about potentially working with him and TNA once that purchase was complete, but as time would tell, it never happened.


    Corgan's negotiations to purchase the company saw him unable to close a complicated deal that would see him not only buy the company from Dixie Carter, but other minority owners including Aroluxe and The Fight Network. During promotional appearances to push the Bound for Glory PPV in October 2016, Corgan admitted that he had financed the three previous rounds of TNA Impact Wrestling tapings, describing those deals as last minute agreements where the "ink was drying" as talents were heading to the ring. He made it clear he would not be financing the Bound for Glory PPV tapings and subsequent TV tapings publicly. As it turned out, Anthem Media, the parent company for The Fight Network, silently backed the tapings in preparation of that company eventually acquiring TNA.


    Upset over investing in something he would not end up being able to purchase, Corgan filed a lawsuit against TNA parent company Impact Ventures LLC, TNA Wrestling itself, CFO Dean Broadhead, President Dixie Carter and Serg Salinas in Chancery Court of Nashville, TN in October 2016. In that lawsuit, he sought a declaration from the court that he was, by virtue of a pledge agreement he made with Carter, entitled to Carter's 92.5% of the company, her voting rights and had the ability to replace the current managers with designated managers of his choosing. The court did not rule with him on those matters. Corgan also sought damages for the breach of contract, and at one point, had a temporary injunction preventing the defendants from making business decisions that could "further harm" Corgan and the company and prevented them from attempting to sell the company or it's assets until the lawsuit is resolved. Corgan's lawsuit revealed that while he had been named President, Dixie Carter was still acting without his knowledge to make deals on the company's behalf, including a potential sale of TNA assets to WWE that ended up not happening.


    In the end, Aroluxe agreed to settle Corgan's dispute and it is believed he was paid back his entire investment in TNA ($2.7 million) as well as interest. Aroluxe now holds majority ownership of that company. In the ruling dismissing the lawsuit, Chancellor Ellen Hobbs Lyle noted that the lawsuit was being dismissed without prejudice. That meant that Corgan would be free to re-file the suit down the line. In an interview last week PWInsider.com following the settlement, Corgan made it clear that the settlement only released TNA, Impact Ventures LLC and Anthem from future legal claims, meaning Carter, Salinas, Broadhead and perhaps others could still find themselves in legal crosshairs down the line. To date, however, that has not happened.


    After Aroluxe gained control of the company, Dave Lagana exited TNA, citing publicly on Jim Ross' podcast that no one could tell him who was in charge and he felt it was better to carve his own future. Lagana has worked with Corgan since, touring with him while documenting a cross-country road trip with that material posted daily on Corgan's social media platforms. One would expect that Lagana would be involved in some form in whatever Corgan's plans for the NWA brand are, if and when the NWA acquisition is completed. Matt Conway, who was Lagana's partner in creative in TNA, no longer works for Impact, so he may be free to work with Lagana and Corgan as well.


    A lifelong pro wrestling fan, Corgan has flirted with his involvement in professional wrestling for years. In the late 1990s, he made numerous appearances for the original Extreme Championship Wrestling but rebuffed Paul Heyman's invitation to purchase 10% of the company for $1 million, feeling that the company wasn't worth $10 million at the time. t one point, Corgan acquired the ownership of the old Bob Luce wrestling library, comprised of material from the time period Luce was promoting professional wrestling at The International Amphitheater in Chicago. Corgan would later get involved in Chicago's Revolution Pro, working in creative and acquiring a deal to bring that promotion to AMC as part of a reality series before AMC opted to shut down its reality TV end. Corgan would later pull out of Revolution Pro.


    A number of questions remain as the deal closes including what does new ownership mean for the current NWA member promotions and what would this mean for the NWA on Demand Video service. Of course, the biggest question revolves around what exactly Corgan's plans for the National Wrestling Alliance would be.


    We will have to wait for those answers as attempts by PWInsider.com to reach Corgan for comment have, thus far, been unsuccessful.
    Well, Billy didn't stay away from the grapples for long. What's your thoughts on this?

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Interesting, appears for better or worse Mr. Corgan really does wanna succeed at this wrestling thing.

    Sorta think he's flogging a dead horse with the NWA & perhaps should have tried to grow a smaller, more modern indy. Not sure what happened between him & Resistance Pro though, that might answer that particular question.



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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Postman Dave View Post
    Interesting, appears for better or worse Mr. Corgan really does wanna succeed at this wrestling thing.

    Sorta think he's flogging a dead horse with the NWA & perhaps should have tried to grow a smaller, more modern indy. Not sure what happened between him & Resistance Pro though, that might answer that particular question.
    I Agree

    The NWA Name Means Little To Nothing For Anyone Under The Age Of 25

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Are we sure this wasn't just the intro to someone's Be the Booker project? Really sure?


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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Billy Corgan loves burning money. I thought I read somewhere to have any chance to start a wrestling company right now you need to invest at least 40 million into it. So the only guys that could make something happen would be billionaires, or very rich millionaires.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Necro View Post
    Billy Corgan loves burning money. I thought I read somewhere to have any chance to start a wrestling company right now you need to invest at least 40 million into it. So the only guys that could make something happen would be billionaires, or very rich millionaires.
    Seems like a pretty absurd statement. I imagine that depends on the scale of the company, doesnt it?

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Positive Jon View Post
    Seems like a pretty absurd statement. I imagine that depends on the scale of the company, doesnt it?
    I'm saying to try to get national, not start an independent promotion. Billy clearly wants to become a national promotion, hence why he started to get involved with TNA. And now he is buying a brand thinking it will somehow still have the magic it once had.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    For a larger scale promotion, I can see where they would get that number. You would want workers with some name value, and those aren't going to be inexpensive. You are going to need a production crew to produce high definition footage. Touring is expensive if they want to run shows. All the logistics stuff - payroll, HR, etc. It would take a significant amount of capital. And until a lot of that stuff is in place, you aren't going to be having income from sponsors, TV deals, etc.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Big Papa View Post
    For a larger scale promotion, I can see where they would get that number. You would want workers with some name value, and those aren't going to be inexpensive. You are going to need a production crew to produce high definition footage. Touring is expensive if they want to run shows. All the logistics stuff - payroll, HR, etc. It would take a significant amount of capital. And until a lot of that stuff is in place, you aren't going to be having income from sponsors, TV deals, etc.
    It might even have been Eric Bischoff talking about it. 40 million was just to get a starting point, and you'd still have to find a tv deal on top of that. Hell think about it, Eric Bischoff's group was going to pay 60 million for WCW, but the only thing that prevented that was the fact that they didn't realize the tv deal wasn't part of it.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Maybe this is my ignorance to what the NWA is today but I see no difference between this move and Corgan starting/finding a less well known independant company to put money into. At this point the NWA seems to be nothing more than a brand that has lived on the back of it's name for the last several years/decades and done very little of note other than simply manage to keep on ticking. The only difference I do see is that this it is a name that even a lot of casual fans will recognise from when WWE mention it as part of history on their shows. With the right kind of attention brought to the product they are producing and the motivation to actually do something with it, it's entirely possible the NWA could become a viable player in the industry again.

    I already take this more seriously than I do Impact.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    I would have to think that this would mean the end of the official NWA and Corgan would simply turn the NWA into a proper promotion. Otherwise, it would be one of the most idiotic wastes of money to simply be in charge of a name without properly running any companies.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    I've always wondered why someone in charge of the NWA didn't try and change the promotion? It is obviously dated and the brand name has enough recognition to give it a little extra bump if he were to try and tour and do TV. You might even get access to what little talent are still associated with NWA. On the other hand, it would probably be easier to just open your own promotion.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Hopefully this'll be a big shot in the arm for the NWA name in wrestling. Jim is spot on with the approach that Corgan should now take.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    MORE ON BILLY CORGAN BUYING THE NWA

    By Mike Johnson on 2017-05-02 10:03:00
    As PWInsider.com broke yesterday, Smashing Pumpkins frontman Billy Corgan has agreed in principal to purchase the rights and assets of the National Wrestling Alliance.

    For those who have asked, PWInsider.com has confirmed that there are zero tape libraries involved in the purchase and that the NWA On Demand streaming website (which utilizes the Boesch family library from Houston) is also not involved. Corgan is not buying any footage as part of this purchase we are told.

    We are told that the plan, once Corgan and the NWA finalize the sale and Corgan owns the assets, is for Corgan to evalutate and assess the brand and build a plan for going forward. We are told this is not a situation where Corgan will buy the brand and the next day, start making big moves. This is the first in many, many steps.

    Dave Lagana is 100% on board with the project and is working with Corgan. No word yet on Matt Conway. Given that Lagana has been putting so much work into creating documentaries, one would assume that sort of presentation is part of their plan for the NWA as they move forward.

    For those who have asked what happens to the NWA members, well, there are no members anymore. Under Bruce Tharpe, the organization was instead selling licenses for promoters to use the NWA initials. We are told that those licenses will eventually expire but obviously, all options are still on the table as Corgan decides his direction and strategy. Tharpe controls 100% of the NWA brand name, so he would have the complete right to sell the brand and its trademarks without anyone else trying to veto the move.

    There has been no talk of talents on board with the Corgan NWA project yet at all. We are told they are focusing on completing the sale and building their plans and strategies for the NWA brand name.

    Source: PWinsider
    I just don't get this at all. Seriously if he's looking to start up a new fed you would think you'd just start a new brand, and own everything yourself. Unless he's not trying for a new fed, and using it for other things. (What those other things are I would have no idea)

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by TCON View Post
    I Agree

    The NWA Name Means Little To Nothing For Anyone Under The Age Of 25
    what about NWA/TNA??






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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Bones View Post
    what about NWA/TNA??
    Ummm... that ended in May of 2007. A decade ago, almost exactly to the day. So someone 25 now would have been 15 years old at the time, and how many 15 year old TNA fans had a deep understanding of the historical value of the NWA name and titles? And what the NWA link meant to TNA in 2007 and earlier doesn't compare to what that NWA affiliation meant to a territory in the 70s and first half of the 80s? How value it was a for territorial promoter to be able to draw guaranteed big houses by having the touring world champion, typically one of the best and most popular wrestlers in the US, come in for some dates? There are a LOT Of current wrestling fans who don't bother with the history of the business and really have no idea about what the NWA really was and represented in its heyday.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Big Papa View Post
    Ummm... that ended in May of 2007. A decade ago, almost exactly to the day. So someone 25 now would have been 15 years old at the time, and how many 15 year old TNA fans had a deep understanding of the historical value of the NWA name and titles? And what the NWA link meant to TNA in 2007 and earlier doesn't compare to what that NWA affiliation meant to a territory in the 70s and first half of the 80s? How value it was a for territorial promoter to be able to draw guaranteed big houses by having the touring world champion, typically one of the best and most popular wrestlers in the US, come in for some dates? There are a LOT Of current wrestling fans who don't bother with the history of the business and really have no idea about what the NWA really was and represented in its heyday.
    mhm

    my fault for my comment replying to TCON's post, I briefly read it and thought he said that nobody under 25 would have even seen something NWA related before, and being under 25 I had watched NWA/TNA as a kid so I was defending it I guess...

    my fault, thanks Papa for correcting me
    Last edited by Bones; 05-08-2017 at 11:49 PM.






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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Bones View Post
    mhm

    my fault for my comment replying to TCON's post, I briefly read it and thought he said that nobody under 25 would have even seen something NWA related before, and being under 25 I had watched NWA/TNA as a kid so I was defending it I guess...

    my fault, thanks Papa for correcting me
    No need to apologize. NWA-TNA was the last time the organization was relevant to any level. There are always going to be some exceptions, whether its people like you who remember NWA-TNA or simply a young fan who wanted to know the history of the business for whatever reason.

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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    Quote Originally Posted by Big Papa View Post
    No need to apologize. NWA-TNA was the last time the organization was relevant to any level. There are always going to be some exceptions, whether its people like you who remember NWA-TNA or simply a young fan who wanted to know the history of the business for whatever reason.
    mhm very true .

    all I hope is that Corgan can make the NWA Heavyweight Belt relevant again, I looked up who holds it and it's some no name 50 year old overweight guy from Texas. It'll be interesting to see what he does with the brand too, if it will be it's own show or the belt will travel all around the place like it always has. Possibly a combination of the two?






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    Re: Billy Corgan Finalizing Deal To Buy National Wrestling Alliance

    I think in terms of immediate market presence, he should have one guy under contract and get him booked around defending the NWA championship everywhere. Not the guy they have more. More like a big name like Elgin, Cole or even Ryback.

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