According to the latest edition of the Wrestling Observer Newsletter, the Carter family came very close to selling TNA Wrestling to company co-founder Jeff Jarrett and country music legend Toby Keith. Jarrett reportedly put the deal together, and the two parties – Keith and Carter – even met to finalize plans.
Apparently, the deal breaker was that Bob Carter wanted to sell the company, but had one stipulation prior to making the deal: that Dixie Carter remain as on-screen TNA President, and retain some power within the company. Keith refused to make the deal with any "creative limitations" on the line, and negotiations fell apart from there.
It was at this point that both Jeff Jarrett and Toby Keith took a step back, realizing that they could build their own promotion from the ground-up. Jarrett left TNA in December.