WWE Severs All Ties With Hulk Hogan

Coming off allegations of going on a racist tirade, WWE has severed ties with one of their flagship personalities Hulk Hogan. In an issued statement by official website they state that they have terminated their contract, which was a "Legends" deal with Hogan, aka Terry Bollea.

"WWE terminated its contract with Terry Bollea (aka Hulk Hogan). WWE is committed to embracing and celebrating individuals from all backgrounds as demonstrated by the diversity of our employees, performers and fans worldwide."

The entertainment company has also removed every aspect and mention of Hogan on their website from championship reign information to merchandise. The story broke this morning and was falsely reported from the satire site ReadTalkShare that had the remark's being aimed at Dwayne "The Rock" Johnson.

Then CraveOnline reported an interview with Hogan back in 2012 being one of the soundbites being responsible for his firing. Though in this case, it's Hogan talking about the Booker T incident where Booker, an African-American wrestler, calling Hogan the n-word in the heat of a promo.

Soon after that, the National Enquirer broke news that they had a transcript from the altercation that got Hogan in this position in the first place, but no actual audio.

WWE hasn't done a scrubbing like this since Chris Benoit and are distancing themselves accordingly. Hogan was also fired as being a judge from their reality show Tough Enough.

Hogan released a statement exclusively through PEOPLE and apologizes for his actions stating he will use the situation to "improve as a person," and takes the matter as an "important learning experience."

"This is not who I am. I believe very strongly that every person in the world is important and should not be treated differently based on race, gender, orientation, religious beliefs or otherwise," Hogan told PEOPLE. "I am disappointed with myself that I used language that is offensive and inconsistent with my own beliefs."

Readers, wrestling fans, do you think WWE should have reacted the way they did? Can Hogan be forgiven in the long run or is this a permanent situation that can never be nullified?