Break'n News - Breaking World News, Headlines, busines, and more
58.1 F
New York
April 6, 2020
Home » Blog » NBA’s top executives to have salaries reduced by 20%
ESPN

NBA’s top executives to have salaries reduced by 20%

NBA's top executives to have salaries reduced by 20%
Spread the Love!!

In the midst of a shutdown for the coronavirus pandemic, the NBA is reducing base salaries by 20% for about 100 of the league office’s top-earning executives around the world, sources tell ESPN.

Many of the executives and officials who are impacted work in the league’s New York headquarters, including commissioner Adam Silver and deputy commissioner Mark Tatum, sources said.

These reductions will be implemented immediately and are expected to continue through the course of the coronavirus crisis, sources said.

NBA spokesman Mike Bass wouldn’t confirm ESPN’s reporting but said: “These are unprecedented times and, like other companies across all industries, we need to take short-term steps to deal with the harsh economic impact on our business and organization.”

There are no widespread cuts to the rest of the organization, and no support or administrative staff are impacted, sources told ESPN.

The NBA has been on hiatus since March 11 and expects to be shut down for a significant period before it can consider resuming the regular season and operating its playoffs.

The NBA recently extended its credit limit to $1.2 billion, ESPN reported, which gives it the flexibility to infuse more cash into its operating expenses.

The Philadelphia 76ers reversed course on a plan to cut salaries by 20% for employees who made over $50,000. Backlash internally and externally caused the team’s owners to change their minds and continue to pay full salaries.

Source link: Click here for more

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Click whichever is suitable. Accept Read More