Wrestling Observer Newsletter is reporting James Storm has officially departed the company. They report Storm's contract was due to expire soon and was worth in between $150,000 and $200,000 a year which the company can no longer afford to pay. Storm gave a 'goodbye speech' at the company's most recent taping in Canada. 

Storm has captured the NWA Tag Team Titles seven times as well as the TNA Tag Team Titles another seven times. James Storm is also a former TNA World Heavyweight Champion.

You may also remember that Triple H promised Storm he would work something out in terms of him appearing on NXT when the time was right, so this might not be the end of seeing Storm on mainstream television.