Guest Brian Report post Posted November 1, 2002 TNA MAY UNDERGO MAJOR POWER SHIFT: JARRETT OUT, RUSSO IN By Wade Keller, editor NWA-TNA founder Jerry Jarrett may be on his way out the door after a successful powerplay by Vince Russo. Jarrett, who started NWA-TNA this summer with his son Jeff Jarrett, brought in Vince Russo to help him with booking. Just a couple of months later Russo had become so frustrated with being overruled on booking matters that he has recently convinced the new financial backers to side with him over Jarrett. The details are sketchy since the major parties involved aren't talking about the situation, a situation which has yet to fully play out, but it appears that the Panda Energy group that is buying out the majority interest in Jarretts' promotion have more faith in Russo than Jarrett to run the company. Jarrett may be "out of power" as soon as this Wednesday's show. Jerry Jarrett had been warned by friends that a power play was taking place behind the scenes with Russo at the forefront, but he either didn't believe the rumors or underestimated Russo's persuasive powers. He found out last Thursday that the financial backers had been talking to Russo and believed in his booking vision more than Jarrett's. The pending new owners were swayed by Russo's resume, which included being the main writer for Raw during its most successful period (right before the product was watered down with the expansion to Smackdown on UPN). The day after last week's Oct. 23 NWA-TNA PPV, the representatives of the new ownership group were said to have "blind-sided" Jarrett with heavy criticism for the direction the program took. They were highly critical of recent decisions he had made. They made it clear they liked what Russo had been proposing (ideas Jarrett was open about shooting down) more than what Jarrett was implementing. They made it clear if their money is involved, they're more confident with Russo's approach. Jarrett, while feeling betrayed, shocked, and saddened, apparently isn't in the mood for much of a fight at this point in his life. In fact, it's not even clear whether Jeff Jarrett is going to side with or against the new backers and Russo despite how they are forcing his father out of the picture. Sources say that Jeff has lost faith in his father's booking and that Russo and the backers are protecting Jeff by allowing him to appear neutral while in reality Jeff is in favor of Russo's approach. Phone conversations are still expected to be taking place between all involved parties early this week to determine the final fate of the direction of the promotion and the power of Russo and Jerry Jarrett as the new ownership group takes over. It's possible when the new ownership group becomes aware of the consequences of going with Russo over Jarrett that they may have second thoughts. If Russo takes over control and Jerry is ousted from power (or officially "steps down"), it's expected that a number of people involved in the promotion will leave, including Sean "Syxx-Pac" Waltman, Scott Hall, and Mike Tenay. Waltman and Tenay told Jarrett when they joined TNA that under no circumstances did they want to work with Russo. Russo isn't a fan of Tenay's "sports-like" announcing style and would probably want to go with a more "sports-entertainment-oriented" announcer anyway. Waltman is loyal to Jarrett and worked closely with him on the booking and format of last week's PPV, which was widely considered a vast improvement over previous weeks' shows by TORCH readers and contributors. Hall is only working for TNA because Waltman convinced him to. Without Waltman, Hall likely won't participate in future events. Brian James is also questionable. The working plan is to "relaunch" NWA-TNA in January with an entirely new marketing approach and style, while in the mean time attempting to set the stage with continuing weekly events. Russo has long been frustrated with upper-management stifling his vision for a wrestling program both in WCW and NWA-TNA. If he gains the full autonomy he desires with the new ownership group, his vision may get a chance to be tested without interference or compromises. Jerry Jarrett, meanwhile, will likely disappear from the wrestling industry with this venture marked down as one of the low points of his career. *** MAJOR UPDATES ON TNA STORY By Jason Powell, assistant editor -A Panda Energy official confirmed that the Dallas based company has purchased a majority share of NWA-TNA from the Jarrett family. "Yes, that's true," said a Panda employee when asked if the company had purchased NWA-TNA. Representatives from Panda held a meeting with the wrestlers last night at the Nashville Fairgrounds to announce their involvement prior to the pay-per-view. Panda was represented by Dixie Carter, the daughter of Panda CEO Robert W. Carter and Executive V.P. Janice Carter, and Chris Sobol, who will be in charge of day to day operations. Sobol told the wrestlers that his is to oversee TNA finances and added that he will spend three-and-a-half days per week at the office Nashville. It is believed that the Jarretts retained a minority interest in the company. At the meeting, it was announced that the Jarretts will oversee the wrestling end of the company, while Panda officials will oversee the financial end of the operation and focus heavily on advertising and marketing. -Earlier this week, it appeared that Vince Russo had won a struggle for booking power over Jerry Jarrett. However, Russo was not backstage at the show and rumors are flying that he is no longer involved with NWA-TNA. Jerry Jarrett handled the booking duties at last night's show and Russo's name was not mentioned during the meeting. PWTorch.com was unsuccessful in its attempts to reach Jerry Jarrett and Jeff Jarrett for comment. -Panda Energy is a privately held company that has been in operation since 1982, according to the company website. "Like the Giant Panda that brands the company, Panda Energy International stands as a symbol of strength, agility, and perseverance," boasts the website. "Armed with an innate ability to overcome adversity, Panda has rapidly grown from a young company into an experienced, dynamic international corporation with offices in North America to China to Nepal. With focus, dedication, and endurance, Panda has overcome the odds to accomplish their goals... development, acquisition, ownership, and operation of power generation facilities around the globe. Since it's inception, the company has grown to more than 160 employees, while expanding its portfolio of projects to over 20,000 Megawatts." To view the company website, click here: PandaEnergy.com. -The NWA-TNA website announced that it is "partnering" with Panda Energy International to form TNA Entertainment, LLC. "We are thrilled to be partnering with Panda in this venture and we're more excited than ever about our future," Jeff Jarrett is quoted as saying. The website story identifies Jarrett as TNA's Chief Operating Officer. "Panda brings a wealth of financial and business experience that will help TNA reach its goal of becoming a serious contender in the world of wrestling and sports entertainment," Jarrett continued. The story concluded with the following message: "The entire JSE team remains in place and will continue to produce weekly NWA-TNA Total Nonstop Action pay-per-view events." -Multiple sources are now reporting that Vince Russo is no longer with NWA-TNA. One TNA source refused to confirm or deny the rumors that Russo lost a power struggle with Jerry Jarrett. However, the source did say, "It appears that Jerry Jarrett has continued to be a very intelligent person." Russo is said to have been offered to continue working as a secondary writer to Jerry Jarrett, but he was unwilling to allow Jarrett to have the final say over booking matters. The situation is similar to the power struggle Russo lost while in WCW, where he was unwilling to accept a demotion from head writer to booking committee member. VIP EXPRESS EXCLUSIVE UPDATES -Source say Vince Russo believed headed into last night's PPV that he was going to be taking over control of the company from Jerry Jarrett, but was blindsided by Panda Energy Group's change of direction. -Russo is said to be upset with the turn of events and in a phone call with a Panda rep, told them they've decided to back someone who is too far behind the times to be successful. "He mockingly wished them good luck," says a source. -Jeff Jarrett, who appeared to be being pulled in two directions, has sided with his father in this venture, although not before a spirited discussion with his father over the behind the scenes events of the past few weeks. -There don't appear to be any other casualties in this power struggle. Bob Ryder will remain with TNA and actually share an office with a main rep from Panda Energy, Dixie Carter, who is the daughter of the owner. She was with Trifecta, a company hired for TNA's media relations early in the venture. The wrestlers who were likely to leave the company if Russo took over control are now staying, also. Announcer Mike Tenay is also expected to remain with the company as he and Jerry Jarrett get along very well. -The ownership control is said to be around 85 percent Panda, 15 percent Jarretts (with Jeff apparently owning a greater percentage than father Jerry). The Jarretts, though, will retain total control over the wrestling product while Panda will control the marketing end of the business. Panda Energy's interest in this project is said to be born out of a "renegade spirit" and the desire to enter an industry that they believe has room for competition. -The business plan will remain the same with the focus on PPV as the main source of revenue in the long run. They will continue to pursue a TV outlet, but even if secured, the main weekly PPV concept will remain their primary driver. Share this post Link to post Share on other sites
Guest bps "The Truth" 21 Report post Posted November 1, 2002 "-The ownership control is said to be around 85 percent Panda, 15 percent Jarretts (with Jeff apparently owning a greater percentage than father Jerry). The Jarretts, though, will retain total control over the wrestling product while Panda will control the marketing end of the business. Panda Energy's interest in this project is said to be born out of a "renegade spirit" and the desire to enter an industry that they believe has room for competition." This is like. In theory anyway. I still don't know what to say about Russo. Jeff having more control over the wrestling is also kind of weird. He's more of the Russo school of thought than old school anyway, so it's all very strange. More money and someone else taking care of marketing is always a big plus though. Share this post Link to post Share on other sites
Guest converge241 Report post Posted November 1, 2002 I like the idea of a January restart as long as it relates to image and marketing Share this post Link to post Share on other sites
Guest eirejmcmahon Report post Posted November 1, 2002 As long as they don't go dark again - doing so twice in the space of four months woudln't exactly inspire confidence. Share this post Link to post Share on other sites