The Coronavirus pandemic has left no part of the world unaffected. The sporting world is one of the worst-hit victims of the Coronavirus globally. Some games have been either suspended while some getting postponed.
Now as per the sources, the World Wrestling Entertainment (WWE) has announced massive reductions in the salaries of its wrestlers and also plans of furloughing a portion of its work staff and also releasing some of the wrestlers, while cutting down the third-party staffing and consulting and also reducing its operational expenses.
The number of wrestlers who have been released includes Drake Maverick, Curt Hawkins, Karl Anderson, Luke Gallows, Heath Slater, Eric Young, EC3, Lio Rush, Kurt Angle and Aiden English. Doing this would save WWE approximately $4m a month and improve cash flow by $140m.
As of now, the company has $500 m in cash and debt ratio capacity to tackle the financial challenges in the coming months.
“The decision to furlough versus permanently reduce headcount reflects the fact that the Company currently believes the furlough will be temporary in nature,” WWE said in a statement.
In the statement released by WWE, it has also been mentioned that whatever actions have been taken now is temporary in nature and as the situation starts getting better, things will automatically get back to its place.
WWE Boss Vince McMahon is one of the numerous sports commissioners who has been in talks with the US President Donald Trump on lifting commercial and societal restrictions amid the ongoing COVID-19 pandemic and help in restarting the US economy.