WWE Chairman Vince McMahon speaks during the announcement of the WWE Network. (Photo : GettyImages/Ethan Miller)
TNA Wrestling has made headlines this past couple of months due to their tough financial situation and the WWE was even rumored to be interested in buying them out. The latest rumors suggest that TNA will likely file for bankruptcy and Vince McMahon could emerge as a potential buyer.
According to Dave Meltzer of the Wrestling Observer Newsletter (subscription required), TNA is contemplating the idea of filing for bankruptcy to absolve the company's debt. Besides owner Dixie Carter, the main creditors of TNA are Smashing Pumpkin frontman Billy Corgan, healthcare marketing company Aroluxe, and The Fight Network.
"The whole thing is, Dixie is still trying to figure out a way - this is why it hasn't been sold - I don't know if it's to stay in control but the whole thing is, she doesn't want to look bad publicly," Meltzer said on the Wrestling Observer Radio.
The WWE has been very interested in TNA but only their tape library which contains thousands of hours of matches that could be added to the WWE Network. They will also get footage and matches for current WWE stars such as A.J. Styles, Samoa Joe, Sting and Bobby Roode, which could be useful in future DVDs.
However, TNA received some great news after the bankruptcy rumors and lawsuit after lawsuit when The Fight Network extended a loan to Carter. It will allow TNA to fund their operations, as well as pay the debts to Corgan and Aroluxe, per Top Rope Press.
The Fight Network's parent company, Anthem Sports & Entertainment Corp., is headquartered in Toronto, Canada. The company's CEO and President is Leonard Asper, who is the son of the late Izzy Asper. His family founded CanWest Global Communications Corp.
It should be noted that TNA talents are unhappy with Carter and they want her out of the company. Nevertheless, they should be happy that they will still have jobs as current TNA television tapings are scheduled until January 2017.
As for the WWE buying the TNA tape library, they recently asked fans if they want to have TNA and Ring of Honor content on the WWE Network. The sale has not been confirmed but it is likely that the WWE will get their hands on more videos of other companies in the future.
Check out the video below for TNA's 50 greatest moments in their history.
