If you were aware of wrestling at all in the past year, you were intimately familiar with Billy Corgan’s attempts to at first purchase, and then legally attempt to obtain ownership of, Impact Wrestling, where he briefly served as both on-air and real life company president. He didn’t quite manage to take control of Impact, but now it looks like he’s given himself a decent consolation prize: the National Wrestling Alliance.

Reports first surfaced on Monday morning that Corgan was on the verge of acquiring NWA, which would largely amount to purchasing rights to the name, iconography, and title, as NWA has for most of its existence truly been an alliance of many different promotions. In effect, NWA is a governing body, rather than a promotion in the classic sense. In the past, scores of standalone organizations have been partners with or affiliates of the NWA, including TNA, New Japan, and Championship Wrestling From Hollywood at various points in the 2000s.

Later on Monday, current NWA president Bruce Tharpe confirmed via a post on his Facebook page that he and Corgan have indeed agreed to terms on a sale, and that Corgan is putting together “a strong team” for when he takes control of the company.

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!

On Tuesday, PWInsider.com shared new details on the sale. The purchase of the NWA name does not include any part of the NWA library not owned by WWE, and also does not include the NWA On Demand streaming service. There will of course be a long planning process, so likely no major announcements are on the horizon soon. Former Impact and ROH head writer Dave Lagana will also very much be a part of Corgan’s team as they move forward.

It will certainly be trickier to determine what Corgan plans to do with NWA as a governing body than his tentative plans for Impact, and it is probably trickier for him to figure out, too. Perhaps he plans to use the NWA name to launch a new promotion or television show. We’ll just have to wait and see, but it’s possible that for Billy, today is the greatest.