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In October 2002, Panda Energy purchased a controlling interest (72%) of the Nashville, Tennessee-based professional wrestling promotion Total Nonstop Action Wrestling from founder and CEO Jerry Jarrett.The seemingly unlikely acquisition came about after Dixie Carter, the daughter of Robert W. Carter and a TNA publicist, contacted her father and persuaded him to purchase the company (which was facing bankruptcy after a major financial backer withdrew their support).
On October 31, 2002, Panda Energy created the limited liability company TNA Entertainment in order to administer TNA. While Jeff Jarrett, the former President of TNA, was appointed Vice President, the majority of other management positions were filled by former Panda executives. Chris Sobol, the Panda Manager of Business Development, was appointed Vice President of Operations, and Frank Dickerson (and later Kevin Day) was appointed chief executive officer, while Dixie Carter was made President.
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