Dixie Carter is the majority shareholder in TNA Wrestling, and it's doing more harm to the company than just about any low ratings or poor booking possibly could.
Leaked documents from the ongoing lawsuit against Dixie by Billy Corgan reveal that...well, she's pretty much the anti-Vince McMahon when it comes to running a wrestling company. Say what you will about Vince and his lack of business savvy regarding any outside venture that isn't wrestling (you know, the XFL, WWE Studios, the WBF, etc.), but the man knows how to run a wrestling company, and knows how to keep his head above water at even the most treacherous times, such as the steroid trial in the early 90s. The documents reveal that Dixie was either willfully conning Billy, or she was completely unaware of how business law works. Here is a summary of the contents of the documents via WrestlingInc:Source: YouTube
* Corgan granted an injunction wanting control of the company. He claims that he entered a loan agreement with Dixie Carter who agreed to give Corgan 100% of her stake in the company. Corgan says that the agreement was not honored and he has not been granted control of the company.
* On October 12th, Corgan notified the defendants that he was exercising his right, as holder of (Carter's) voting rights in Impact Ventures, to remove all of the company's managers and have them replaced with his own team.
* Corgan said that the company is "insolvent," meaning that they are unable to pay their debts and their liabilities exceed the value of its assets.
* TNA owed money to Aroluxe Marketing. Corgan invested into Impact Ventures in order to prevent the company from defaulting on their debt to Aroluxe, which would have allowed Aroluxe to foreclose on TNA's assets.
* It was noted that TNA entered into debt-equity agreements with The Fight Network's parent company, Anthem Sports & Entertainment Corporation, which owns the licensing rights to its video library.
* Corgan said that Carter told TNA talent that WWE was looking to buy its video library and asked that his loan agreement be recognized, which would allow him to take over the company.
To put it simply, Billy provided funds to bail out TNA. In exchange, Dixie offered Billy her majority stake in the company, including her voting rights. But now she's not only reneging on the deal, she actually entered into negotiations with outside parties to sell assets from the company without consulting Billy, which itself is a violation of the agreement.
So this is pretty much a five-alarm dumpster fire, and it'll probably get worse for Dixie before it gets better, since this case seems pretty cut-and-dry in Billy's favor. The real question is what will become of TNA. Will they be able to pay talent? Will they be able to afford to hold a new set of tapings in the winter? It's insane that we're even having this conversation, since Dixie really ought to have sold to Billy when she had the chance. But nope. She wanted to remain in control, but also have investors give her money she didn't seem to have any plan for paying back. I'm genuinely worried for the talent in front of the camera and the crew behind the scenes. They don't deserve to lose their jobs over this. And yet, I wouldn't be surprised if that's what happens, if the company goes under.
But what do you think? Can TNA still be saved? Or has Dixie Carter destroyed the TNA brand beyond repair? Sound off in the comments!
And for more wrestling news, find out why Vince McMahon "blew a gasket" over Monday Night's episode of RAW!