As we reported yesterday, Smashing Pumpkins founder and former TNA President Billy Corgan has purchased the National Wrestling Alliance (NWA). Because of the history and structure of that brand/organization, the announcement raised a ton of questions not only about the future of the NWA, but about what exactly Billy purchased.

A couple of items which have come out since our initial story give us a better, if still not crystal clear, picture of Corgan’s NWA.

First, former owner and President Bruce Tharpe confirmed the sale with a statement on his Facebook page:

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!

Then, PWInsider (who broke the original story) followed up with some additional information:

- Corgan did not purchase any footage of old matches/events. The NWA On Demand streaming website was not part of the deal.

- No promotions or wrestlers were acquired, either. Under Tharpe’s model, the NWA name was licensed to others, and performers were payed by those entities, so there are no “member promotions” with rosters to purchase.

- Whatever licenses currently exist will be allowed to expire.

- There are no plans to bring talent on board. As soon as the sale is finalized, Corgan and his team (which is said to include long-time TNA writer/producer Dave Lagana) will be assessing the brand and formulating a strategy to use the name going forward.

In general, do not expect any big moves from Corgan’s NWA in the near future. Insider’s report describes the sale as the first of many steps. It also sounds like Billy and his team aren’t even certain what their end goal is, but that they’ll determine that as part of assessing and strategizing.

Seems like the smart, if not necessarily most thrilling, way to go about it.

Thoughts, Cagesiders?