WrestlingObserver.com is reporting that “As of the end of meetings today, Vince McMahon decided that ECW would take the place of Velocity.”
According to Dave Meltzer, the show would be taped before Smackdown each Tuesday, instead of Velocity, and would be an Internet show in place of Velocity until a U.S. TV slot is secured. Negotiations to that end are currently going on.
Velocity would then cease to exist. We’ll have more on this when it is available.