WWE is in the midst of crippling financial trouble and as a result Chairman Vince McMahon is set to fire more wrestlers on his way to reducing the company's financial output.
The news has been pretty grim now for the WWE for several months. But further developments this week have seen Vince McMahon call for budget cuts.
Vince McMahon has been forced to make some major decisions in recent weeks, and that is certain to continue. It's understood that McMahon wants to cut $20 million from the budget of the WWE, which is a major decision in itself.
More wrestlers to be fired
The cuts that Vince McMahon is proposing are said to be from this year's budget, which means we will lose some well known wrestlers in the coming weeks.
As has been reported, WWE stands to lose in the region of eight figures, which means that more cuts like the ones that included firing Brodus Clay will continue.
"Vince McMahon has reportedly called for more cuts to the budget, as the company looks to trim an estimated $20 million from its budget this year," WrestleZone reported.
"The cuts made so far are reportedly working, as it looks like WWE’s losses this year won’t be nearly as much as they were expected to be just a month ago. As of now,WWE stands to lose a number somewhere into 8 figures."
WWE's historic financial loss
In April, WWE suffered a major financial setback when the stock price of the entertainment company plummeted. It's thought that the WWE lost $300 million in value in one single day. Since then the news hasn't got much better for Vince McMahon.
The company started up their own network around the time of WrestleMania XXX and that was relatively unsuccessful. Vince McMahon expected more fans to subscribe and the move to make their network has been seen as a failure in many quarters.
McMahon has already fired staff
Reacting to the well known troubles of the WWE, Vince McMahon has chosen to fire 11 wrestlers from the company in recent weeks. To add to that, he also let go of one of the company's lead writers. Jay Gibson was let go just 24 hours after wrestlers such as Brodus Clay and Teddy Long were brutally dismissed by McMahon.