Source: The Wrestling Observer Newsletter

Here is the latest on what happened between Jeff Jarrett & Toby Keith and TNA Wrestling in regards to reports that Jarrett and Keith were looking to buy the promotion.

Jeff Jarrett had reportedly put a deal together with Panda Energy's Bob Carter (the father of Dixie Carter). Bob Carter and Keith were to meet to finalize plans of the deal, and when they met, Carter did in fact want to sell the company, but had one stipulation prior to making the deal. That was that Dixie Carter remain as on-screen TNA President as well as retain some power within the company. Keith did not want to make any deal that included "creative limitations," and that is where the negotiations fell apart.

From there, Jeff Jarrett and Toby Keith took a step back. They realized that they could build their own company from the ground up; and that led to Jeff Jarrett leaving TNA in December.

As we previously reported, the memo Janice Carter (Dixie's mother) sent out to all TNA talents saying that the company was not for sale was complete bullshit. The memo was sent out at the same time negotiations to sell the company were taking place between Bob Carter, Jeff Jarrett and Toby Keith.