UPDATED: Bruce Tharpe Issues Statement on Billy Corgan Buying NWA

UPDATE: NWA President Bruce Tharpe has confirmed on his Facebook page that Billy Corgan is buying the National Wrestling Alliance. You can see the full text of the post below:

I am very excited for the future of the NATIONAL WRESTLING ALLIANCE.

As everyone knows by now – Billy Corgan and I have agreed on principle regarding his acquisition of the NWA brand. This decision comes after many weeks of negotiation and deep consideration.

Although Billy Corgan may be a fresh face to wrestling – he is an extremely successful businessman and has a deep admiration and respect for the NWA. He is also putting together a very strong team.

With the capital and business acumen that Billy Corgan brings to the table – I am confident that he has the ability to take the NWA to the next level. And I have promised to do all I can to help him succeed. I ask you to join me in supporting the new NWA regime in the future.

I am not leaving wrestling – but after four years at the helm of the NWA – I look forward to stepping back and allowing someone new and passionate to take control of this great and noble organization.

Thank you to everyone who has supported the NWA over the years and during my tenure. I also want to publicly thank Billy Corgan for his confidence and respect for this iconic brand.

The next few months are going to be really exciting for the National Wrestling Alliance – but most of all for the fans!

ORIGINAL: According to Pwinsider.com, former TNA Wrestling President Billy Corgan has agreed in principle to purchase the National Wrestling Alliance; the purchase will include the name, rights, trademarks to the NWA as well as the rights and possession of the NWA championship belt. Back in 2002, the Jarrett’s licensed the rights to the NWA Championships for the first few years of the company before transitioning to TNA branded championships.

Under Bruce Tharpe’s leadership the NWA changed from a group that allowed members to join to a promotion that instead licensed the NWA letters out to those willing to pay to use them. They also worked with NJPW from time to time. This purchase is Corgan’s first move back into pro wrestling since his failed bid to purchase TNA Wrestling, which led to a court battle between the two sides

Corgan has teased getting into wrestling for years, almost buying into ECW in the late 90’s, and later worked with Chicago’s Revolution Pro in creative role and acquiring a deal to bring that promotion to AMC as part of a reality series before AMC opted to shut down its reality TV end.

At this time, no one knows what Corgan’s ownership means for the current NWA member promotions and what would this mean for the NWA on Demand Video service.