Toronto-based Anthem Sports & Entertainment announced late Monday that it has acquired all loans the Smashing Pumpkins frontman made to TNA parent, Impact Ventures.
The settlement ends weeks of drama that had the three parties — Impact, Corgan and AS&E — battling in court. Corgan had sought to take control of TNA, but was rebuffed.
The settlement leaves him on the outside, looking in.
Anthem, which airs TNA on its Fight Network in Canada, quoted Corgan in a statement as being “pleased” with the deal.
“My interest from the start was to provide support, be it material or creative, to such a great roster and crew,” Corgan said. “I look forward to seeing where Anthem’s leadership takes the company in 2017, and wish them the best.”
Terms weren’t disclosed, but central to any agreement were Corgan’s $1.8 million in last-minute loans to TNA to cover production costs.
Corgan, whose band has sold more than 30 million albums, joined TNA as a senior producer in May 2015 and became its president in August.
By October, however, Corgan was chafing for more control and was afraid the embattled company might be sold from under him, sources said.
Corgan asked a judge to declare TNA insolvent — a move that would have made the musician the company’s majority shareholder — but a Tennessee judge rejected that move.
Anthem then emerged as TNA’s white knight, saying a credit facility it set up for TNA would fund all of its operations.
Anthem also assumed managerial control of TNA.
In announcing TNA’s break with Corgan, Anthem said, “The events leading to litigation were unfortunate but also reflected all parties’ desire in good faith to support the company.”