[Breaking News] WWE Releases Several Wrestlers and Referees

As announced earlier this morning via a press release, WWE stated that they would be reducing 10% of their staff as a cost cutting measure and WWE talent was no exception. There have been so many releases today from WWE that it's hard to keep up with them all, but as always, LegendsChampionshipWrestling.com is here to help you keep you track. Here are the wrestlers and referee's that have been released so far today:

- Sean Morley, aka Val Venis, has also been released from the WWE. Venis has been with the company for over a decade starting in 1998. He has been out of action for a few months due to an elbow injury. Venis held the Intercontinental, European, and Tag Team Championships.

- D'Lo Brown has been released from the company. Brown was brought back to the company in June but was hardly used on television at all. Despite the fact he is a former Intercontinental and European Chhampion, creative has been reported as having nothing to do with him creatively since his return.

- Bam Neely was released from his WWE contract today. He had just recently returned to WWE developmental for more training.

- Former ECW Star Kevin Thorn has been released by WWE. The plan was for him to be apart of the Vade Hansen stable/angle that was recently canceled.

- Former referee and producer Tim White has been released by WWE. White has been with the WWE since the 80s, having famously worked as André the Giant's assistant in addition to his referee duties.

- Referee Jimmy Korderas was released today by WWE. Korderas has been with WWE since 1987. Korderas joins referees Mike Posey, who had worked for all WWE brands, and former ECW refere Keenan Quinn, who had been working in WWE's developmental territory Florida Championship Wrestling.

- Former wrestler Barry Windham, who was working as a producer, was released last week and returned to Legends Championship Wrestling on this week's edition of LCW Showdown. Click here or visit LCWShowdown.com for the complete results.

Stay tuned to LegendsChampionshipWrestling.com as we'll have on the releases as they come.

Why all the releases?

World Wrestling Entertainment today announced a 10% reduction of its staff across all areas of its global operations. This reduction will result in annual savings of approximately $8 Million in compensation and benefit costs. Additionally, the Company will incur an approximate $3 Million one-time restructuring charge in the first quarter of 2009.

The staff reduction is consistent with the Company’s previous commitment to implement stronger cost controls, increase earnings and margins, and reduce its cost base by $20 million in 2009. In addition to staffing, the Company has completed a comprehensive evaluation of its operating and capital expenditures and has identified additional efficiencies. Collectively, these initiatives will strengthen the Company’s financial performance.

“These efficiencies will help position the Company for the long term, by placing it in a stronger, more flexible position,” said Linda McMahon, CEO, WWE. “With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner.”