Billy Corgan loses legal battle to takeover wrestling promotion

What's a boy supposed to do?

Billy Corgan’s quest to takeover Nashville-based wrestling promotion TNA has been met with legal elbow drop and a swift three-count, Pro Wrestling Sheet first reported.

Corgan, who is best known as the frontman of The Smashing Pumpkins, had been locked in legal proceedings with the promotion while serving as its president and head of creative. Corgan was seeking to wrestle away control of the company from chairwoman Dixie Carter on the grounds that the promotion was insolvent and incapable of repaying a series of loans he had issued since climbing on board.

Judge Ellen Hobbs Lyle ruled the loans were nonbinding under Tennessee law, effectively slapping a sleeper hold on Corgan’s effort to obtain Carter’s majority voting rights.

Corgan may get his rematch with TNA yet. The 49-year-old has the option to convert the existing debt into equity in the company, The Tennessean reports.

For the uninitiated, financial problems in TNA are as commonplace as body slams. Corgan’s outside-the-box storylines helped the company set a ratings record on Pop TV in the United States for its flagship program TNA Impact. The company’s talent was seemingly on board with the rocker taking control.

Corgan reacted to the ruling via his official Twitter account, highlighting that ruling should not be considered a victory for the struggling wrestling promotion’s ownership group.

The jokes, though, write themselves…

Image via Flickr/Eduardo Pelosi