New Impact Ventures President Billy Corgan unveiled the TNA Grand Championship at last night's television tapings. A tournament will be held to crown the first champion. Matches for the the title will have rounds, with judges declaring the winner if they go the distance.

TNA also retired the King of the Mountain Championship, which was won by Bobby Lashley on last week's episode of Impact Wrestling.

You can check out a photo of the new title below:

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