Billy Corgan to purchase the National Wrestling Alliance

Pic: wikipedia

PWInsider.com is reporting that Billy Corgan, the former TNA Wrestling President and Smashing Pumpkins lead singer, has agreed in principle to purchase the National Wrestling Alliance (NWA), a deal that would see Corgan taking over the name, rights, trademarks, and the NWA title.

The NWA has been historically the largest group of independent wrestling promotions in the world, operating several territories since its inception in 1948. TNA also used the NWA name in its early years, using the NWA title as well before the partnership between the two dissolved in mid-2007.

Corgan has been out of the wrestling business ever since he was ousted from his role at TNA in late October of last year, a break-up which resulted in several lawsuits. He eventually got paid back his investment in TNA along with any interest, a sum rumored to be in the $3 million region.