We noted earlier via PWInsider that Smashing Pumpkins frontman and former TNA Wrestling President Billy Corgan has agreed on a deal to purchase the historic National Wrestling Alliance.

NWA President Bruce Tharpe took to his Facebook page and wrote the following on the future of the organization:

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!