Billy Corgan settles lawsuit with wrestling bosses29th Nov 16 | Entertainment News
Rocker Billy Corgan has dismissed his legal action against wrestling bosses after reaching a settlement.
The Smashing Pumpkins star was named president of Tennessee-based wrestling company Total Nonstop Action's (TNA) parent firm IMPACT Ventures in August (16), but he fell out with executives, including chairwoman Dixie Carter, after loaning them $1.8 million (£1.4 million) to keep the company afloat and launched legal action against them in October (16).
His attempt to take control of the brand was unsuccessful and in November (16) he threatened legal action against them for missing their 1 November (16) deadline to pay off the loan with interest. Executives at IMPACT Ventures and media company Anthem Sports & Entertainment also cut ties with Corgan, insisting he no longer had anything to do with the organisation.
However, it was announced on Monday (28Nov16) that they have reached an agreement, and Anthem Sports & Entertainment bosses have acquired his loan on "undisclosed terms" and he has dismissed his legal challenges.
Corgan said in a statement, "I'm pleased that an agreement is now in place that allows wrestling operations to continue for my interest from the start was to provide support, be it material or creative, to such a great roster and crew. And as I plan on continuing in the business side of pro wrestling, I look forward to seeing where Anthem's leadership takes the company in 2017, and wish them the best."
Anthem executive vice president Ed Nordholm added, "The arrangements we have made with Mr. Corgan respect all parties' gratitude for his contributions to Impact Wrestling, both creatively and financially. We can now close this chapter and look forward to making Impact Wrestling a leader in the professional wrestling world."
© WENN Newsdesk 2016