Smashing Pumpkins frontman and former TNA President Billy Corgan has agreed in principle to purchase the National Wrestling Alliance, according to PWInsider.com.
The terms of the deal would see Corgan purchase the National Wrestling Alliance (NWA) name, associated trademarks as well as the NWA World Heavyweight Championship belt, which has a lineage dating back to 1948.
Corgan was an investor in Impact Wrestling (formerly TNA), contributing approximately $1.8 million to fund various TV tapings at the last minute to keep the company afloat. He made a strong play to buy that company outright, but things went south and Corgan sued TNA for money owed. A settlement was reach and Panda Energy sold majority control to Anthem Sports & Entertainment.
Billy Corgan has yet to comment on the report and is unlikely to do so until the sale is finalized.
Check out the full report at PWInsider.com, which includes a detailed history of the National Wrestling Alliance as well as Corgan’s experience in pro wrestling.