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Courtesy of LordsofPain.net:

Impact President Billy Corgan unveiled the brand new TNA Grand Championship last night at TNA’s television tapings. According to Corgan, a tournament will be held to crown the inaugural champion. The title will be defended in matches featuring rounds, wherein judges will decide the winner if the contest exceeds a set time limit.

TNA has also reported retired the King of the Mountain Championship, won by Bobby Lashley on last week’s Impact.