PWInsider.com is reporting that Smashing Pumpkins lead singer Billy Corgan has officially signed an agreement to purchase the National Wrestling Alliance from Bruce Tharpe.
They also note the following about what all the full deal includes:
The deal has now been configured to include Tharpe’s position in the NWA on Demand VOD service as well as the Paul Boesch wrestling library. The actual ownership of the library remains with the Boesch family, as it had while Tharpe was utilizing it, but now Corgan would have the same rights and responsibilities that formerly applied to Tharpe.
Corgan’s purchase would end a five year ownership of the brand under Bruce Tharpe, who gained control after his International Wrestling Corp, LLC, sued the NWA and a number of its banner members in 2012, alleging insurance fraud regarding the liability insurance policy that was shared among NWA members. In a legal maneuver that has yet to ever be explained publicly, Tharpe was able to leverage the lawsuit into gaining ownership of the NWA brand.
Tharpe’s role going forward has yet to be revealed but all signs are under Corgan, while all aspects of the NWA will be examined, there are not expected to be any major changes made immediately. We are told that everything is being looked upon as a long-term move, so don’t expect any massive overhauls right out of the gate. It will be business as usual for the NWA and promoters who are licensing the name.
You can read the full article, including a detailed look at the history of the NWA and how Bruce Tharpe took control five years ago, HERE.
