Billy Corgan Is No Longer President of TNA Wrestling, Engaged in Lawsuit Over Unpaid Loans

Victor Moriyama/Getty Images
Billy Corgan of The Smashing Pumpkins performs during 2015 Lollapalooza Brazil at Autodromo de Interlagos on March 29, 2015 in Sao Paulo, Brazil. 

After just three months as president of Impact Ventures, the parent company of TNA Wrestling, Billy Corgan is out and engaged in a lawsuit over loans he paid the league that have not been paid back. 

On Thursday (Nov. 3), TNA issued a press release announcing new funding and as, Consequence of Sound reports, it also notes that "Billy Corgan is no longer with the company."

The Smashing Pumpkins frontman joined the Impact last year and had previously served as a senior producer of creative and talent development at TNA Wrestling. 

After becoming president, Corgan had announced intentions to buy the company and possibly change its name. That effort was significantly diminished after a lawsuit he filed last month against TNA and its owner Dixie Carter was denied by a judge. Corgan's lawsuit claimed that TNA reneged on assurances that his three loans to TNA would be fully repaid in a timely manner. The judge ruled that Corgan was owed full repayment on his loans but that he did not meet requirements to prevent the company from settling its debt through alternative actions. 

According to the judge's ruling, Corgan was to be repaid by Nov. 1, but the musician said on Twitter Thursday that they had not done so. 

See his tweets below.