35. Billy Corgan Reveals Why He Invested in TNA Instead of ECW
During a recent interview with PW Insider, former TNA President Billy Corgan revealed why he invested in TNA Wrestling and not ECW when he had the opportunity to do so:
Well that’s the million dollar question and it’s not that simple to answer. There are some things that I can’t discuss so it’s complicated. I can talk about what initially lead me to invest money into TNA, before Slammiversary. In return I was labeled a “Predatory Lender” and all sorts of things. What is that saying? No good deed goes unpunished. Let’s go back to the ECW situation where I could have invested to purchase that company.
When it was pitched to me by Paul Heyman to invest one million dollars to invest to purchase 10% of ECW Paul wasn’t aware that I was aware of the amount of debt he had owed the talent, and not too ironically, the money that he owed the talent was going to go from my wallet to his and straight to the talent, I was skeptical about that situation because that money wasn’t going to go towards investing into the company, but was going to go into the pockets of the talent, plus I didn’t have any experience in professional wrestling at that point. I hadn’t produced anything, or booked anything.
In the TNA situation, I had worked in the Indy’s for a while, I worked with them for a while, and had a sense of not only what I wanted from the company but also had relationships that I can count on, people who I can lean on for opinion, and let’s not forget, with media, it has risen by itself where you have a better grasp of the landscape of professional wrestling in the business side of it, so I had a sense of, if I invested in TNA where I invested in situation X and got out of situation Y, then it would be worth it.
I had my own reasons for it, and I felt that it would be a good investment. I realized from a lot of people who saw this as a poor investment, including my own lawyers who told me not to invest into the company.
Go to the next page to check more WWE news stories from this WWE Live News blog.
