The Rise & Fall Of TNA | Wrestling Timelines
34. October 30, 2002 | Panda Energy Saves The Day
It is announced that Panda Energy, which finances and constructs large-scale energy facilities and is operated by the Carter family, has purchased NWA:TNA. This follows heavy rumours of huge financial investment, but the actual outright sale takes insiders by surprise. This agreement saves the company; the weekly PPV model was stupidly optimistic in the best-case scenario, and a less-than-ideal scenario had played out,
In August, amid complaints that fans were told by various PPV carriers that apparent wrestling shows were a mystery to them, NWA:TNA filed a fraud and breach of contract lawsuit against Jay Hassman, BTP Consulting, Len Sabal and K-4 LLC. The basic gist is that Jerry Jarrett over-spent the original budget under the false impression given to him by the consultancy firm that the first weekly show drew 80,000 buys; in reality, buys were in the 10,000-25,000 range.
TNA does not yet have a TV deal, and the alarming slump in which WWE finds itself will not help matters at all - but the promotion is at least in a position to build something. This process will soon be overseen by Dixie Carter, daughter of Panda Energy owner Robert W. NWA:TNA is now a fancy corporate organisation, out of nowhere, but only on the surface: it’s rotten pro wrestling at its very silly core, and a backstage power struggle has broken out between Vince Russo and Jerry Jarrett. Russo, aware of the imminent deal, had tried to sell his vision to Panda executives. Per the November 11, 2002 issue of the Wrestling Observer, Mike Tenay and Bob Ryder convince Panda that Jarrett is the guy to go with. Russo slinks away. Jeff’s attempts to fix that relationship ain’t going great.
Things are looking good. Russo is out, millions of dollars are in, in what might be the best trade in recorded history. On November 6, Jerry Lynn defeats AJ Styles in a rave-reviewed match. We might have an actual wrestling company here.