In a Youtube video released this afternoon, MVP said that his contract was terminated due to him violating the terms of his deal. He stated that he had interviewed members of the cast for his podcast, which was a conflict of the non-disclosure agreement he had.
MVP took full responsibility for the issue, and said that he wasted a big opportunity. MVP had started as an agent with the company towards the end of their season 2 tapings.
MVP made an announcement that he'd signed with Lucha Underground last week's WaleMania 2 event. The plan was to utilize MVP as an agent for the talents, with him eventually appearing in an on-screen role.
You can see the video of MVP talking about his departure from Lucha Underground above. The 42-year old said that he is still accepting independent bookings.