WWE Loses Hulk Hogan Amidst 'Offensive Language' in Alleged Sex Tape Video

Hulk Hogan was hit with a piledriver-like attack following his racist outburst. Now, the Hall of Famer found himself in a battle he surely regrets being part of .

However, the damage has been done and World Wrestling Entertainment (WWE) has just lost one of its biggest and most important brand ambassadors.

Hogan, whose real name is Terry Bollea, was involved in a highly-condemned leaked sex tape video filmed in 2008, wherein he was seen unleashing a series of derogatory and racist slurs against African Americans. Hogan's remarks specifically involved the use of the N-word and boldly saying that he was a racist.

Following the wresting icon's outburst, WWE was quick to react and terminated the contract of Hulk Hogan.

According to Wrestling News Source, WWE has scrubbed off from its official website all images, materials, and merchandises that is associated with Hulk Hogan and even on the Hall of Fame page. He was also removed from the list of judges on the Tough Enough Television show. The only thing left that relates with Hogan is his upcoming Australian Tour where he will join as General Manager.

In the statement made by WWE, they officially confirmed the termination of Hogan's contract and cited that "WWE is committed to embracing and celebrating individuals from all backgrounds as demonstrated by the diversity of our employees, performers and fans worldwide."

Although Hulk Hogan insists that he resigned and was not fired, he has since issued a statement, apologizing for what he has done and calling his comments, "unacceptable", "offensive" and "inconsistent to his own beliefs".

As reported by NBC News, the embattled superstar is currently fighting in a $100 million invasion privacy lawsuit he filed against gossip website Gawker which, in 2012, circulated the widely criticized part of her sex tape with Heather Clem, the ex-wife of Hogan's former friend Bubba Clem.

Moreover, releases by Daily Mail and Forbes claims that the issue has also greatly affected both Hogan and the WWE. The restaurant in Florida named after Hogan has been reasonably quiet while WWE has seen its shares continuously tumble by about four percent, costing the company of about $50 million.

However, amidst the controversy, Hulk Hogan received strong support from his family, friends, fans, and fellow WWE Hall of Famers.

"Thank you to all my friends, family and business partners for all your love and support, you guys know who I really am and I love u 4 that. HH," Hogan tweeted.