After a judge awarded professional wrestler Hulk Hogan $115 million from news website Gawker, Hogan announced he will purchase the professional wrestling promotion TNA (Total Nonstop Action).
The struggling wrestling promotion employed Hulk Hogan from 2009-2013. He then returned to World Wrestling Entertainment (WWE) and was fired after the sex tape and leaked racist audio was released on the Gawker website.
“I really happy right now, brother,” said Hogan. “I am going to buy TNA wrestling, brother.”
TNA Wrestling, owned by the oil company Panda Energy International, has been struggling to make a profit for the past 10 years and rumors on wrestling websites had the company up for sale. It has not been able to compete with the WWE on any level since 2001.
The official sale number was not released, but inside sources said it was much lower than $115 million.
TNA, which as been jumping around cable television stations, is now on the POP Network and continues to maintain a loyal following. Wrestling experts suggest the best thing is to completely rebrand the wrestling promotion with a new name and look. “The TNA reeks of too much failure to ever be successful at this point. Time to blow it up and start from scratch, just keep the talented wrestlers,” said an anonymous insider. “Hogan’s name will add some credibility, not that it worked before but maybe the second time is charmed.”
The letter of intent has been signed and the ownership exchange is in its early stages.
