August 2002: Suffering from its own financial problems due to an on-going investigation against them for accounting irregularities, HealthSouth Corporation pulls out as a financial backer of TNA Wrestling.
This really sucked because HealthSouth did NOT want to “play live wrestling dolls” or book the wrestling angles. They saw this as an opportunity to get there name out there worst case scenario. I personally believe the wanted to go national with a fitness campaign that went way beyond just re-hab or physical therapy.
You may say here “that the Jarretts couldn’t have done much better”. This is NOT true! Once Jerry knew there was a solid business model in place, he would have deligated creative power to quilified peopl that he knew were good and that they could trust. Jerry will tell you himself that many folks think he was a “booking genius”. He claims that he was only genius enough to HIRE PEOPLE SMARTER THAN HIM that knew what they were doing!
Walt Disney shared this philosophy as well. Dixie, Yelich, and Barton don’t get that.
September 2002: TNA Wrestling at this point is about to suffer a quick demise. With little financial aid from the Jarrett family alone, TNA President Jeff Jarrett meets with TNA employee Dixie Carter to discuss a possible sale of the promotion to her father’s company, Panda Energy.
Kind of. See above.
October 31, 2002: Panda Energy, a Dallas, Texas-based energy company, purchases a controlling interest of 72% from the Nashville, Tennessee-Based professional wrestling promotion, TNA Wrestling, from founder and CEO Jerry Jarrett along with co-founder and TNA President Jeff Jarrett for $250,000 USD. All interests owned by HealthSouth Corporation were also swept up by Panda Energy in the sale. The now former “J Sports and Entertainment” that was founded by Jerry and Jeff Jarrett is renamed “TNA Entertainment” by Panda Energy. The Jarrett’s own the remaining 28% of TNA Wrestling.
Here’s where it get’s EXTREMELY HAIRY and (pardon my French) FUCKED UP! The only way Jerry would focus his energy on this business risk was if Jeff gave him controlling interest. This wasn’t stupid on Jeffs part because Jerry knew how to get investors and how those relationships worked, Jeff was smart enough and has a degree as well but, the “old man” wrote the book on this!
Jerry wasn’t out of line either as he had a multi million dollar development company he built from the ground up! And was already grooming his other son Jason to take that over. (incidently, Jason is doing very well with the company. Smart kid!).
Even though this was about as calculated a risk as someone could take, it was a risk AND… Jerry had already comitted to this as he also signed a HUGE “make over” deal with BP (British Petroleum).
BP filed bankruptcy on Jerry. This put him for the first time in his adult life in financial peril as well. He had to file for person bankruptcy and so did his development company. I think of this much like Vince turning his focus to the XFL and WWE suffering because of it. One simply can’t balance both because these ventures are too big and it would way too long to find the “right people” for all that!
I can’t say for sure but, Jerry was too smart to put himself behind the “8 BALL” with BP or anyone. I’ve always thought it was because his focus was on TNA. His company is doing well (a heart attack and the split of a family later).
May 2003: Dixie Carter is appointed TNA President and Chairwoman, while former TNA President Jeff Jarrett is moved to the Vice President position. Other Panda executives were hired, such as Chris Sobal, the Panda Manager of Business Development, to the TNA Vice President of Operations position, and Frank Dickerson was appointed TNA Chief Executive Officer. Panda’s Kevin Day later took Dickerson’s position in TNA.
The way I hear it, Day and Dickerson were both fantastic guys and businessmen. They just couldn’t handle the immaturity that comes along with Dixie and Andy Barton and the “ire” this immaturity brought out in Jeff (and Jerry) to defend what they perceived was their “baby”.
SIDENOTE: Day and Dickerson are accomplished businessmen. Look them up on Linkedin if you don’t believe me. Niether lasted a year there. What does that tell us about the situation? Bob Carter “handpicked” both men.
See next page
