NBA executives including Adam Silver to lose 20% of salaries after COVID-19 impact: Report

As the NBA 2019-20 season will continue to remain suspended, the league will be reducing the base salaries of NBA executives by 20%. The salary cut will include around 100 top NBA executives situated all over the world. Majority of the NBA executives at the New York headquarters, which includes NBA commissioner Adam Silver and deputy commissioner Mark Tatum, will be affected as a result of the decision. Also read | NBA suspension could result in BIG $100 million loss to official broadcasters: Report NBA pay cut: The league will reduce 20% of the NBA salaries The salary reductions will take place immediately and will continue till the NBA remains suspended, according to reports. While there was no confirmed statement from NBA spokesman Mike Bass, he did talk about the ‘harsh economic impact’ caused by the virus. As per Bass, like every other company, the NBA will have to take certain measures to prevent long-term damage to their business by taking some short-term steps. NBA pay cut: NBA executives will need to deal with a short-term impact to prevent overall losses When reached, NBA spokesman Mike Bass wouldn’t confirm, but told ESPN: “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.” https://t.co/xLclePHF5L — Adrian Wojnarowski (@wojespn) March 26, 2020 Also read | NBA Coronavirus update: Players could reportedly lose 21-24% salary due to NBA suspension NBA salaries: NBA commissioner and deputy commissioner to also face NBA pay cut This salary reduction includes commissioner Adam Silver and deputy commissioner Mark Tatum, sources said. There are no widespread cuts to the rest of organization; no support or administrative staff are impacted. Top executives and senior leaders are first to takes these cuts now — Adrian Wojnarowski (@wojespn) March 26, 2020 Also read | NBA pay cut: Players might not get paid beyond April 1 during ongoing suspension As of now, there will be no widespread reductions to the rest of the league and no administrative or support staff will be impacted. To soften the blow caused by the extended NBA suspension which began on March 11, the NBA recently extended their credit line to $1.2 billion. This will allow the league to have more flexibility to use more cash for operating expenses. The NBA has informed teams of projected 2020-2021 salary cap: $115M, league source tells ESPN. Original projection was $116M. That is still an increase from $109.1M in 2019-20. — Adrian Wojnarowski (@wojespn) January 30, 2020 NBA coronavirus: When will NBA return? CDC recommendation of no events of 50-plus people for next two months comes as a number of NBA owners and executives increasingly believe a best case scenario is a mid-to-late June return to play -- with no fans. League's scouting for possible arena dates all the way thru August. — Adrian Wojnarowski (@wojespn) March 15, 2020 NBA coronavirus update The only team to announce a reduction in salaries was Philadelphia 76ers. However, the team changed their decision after the backlash they received both internally and externally. Further reports have hinted at an estimated loss of around $1 billion if the season does not resume, which includes a $10-$15 million reduction in the salary cap. As the NBA return remains uncertain, the league will continue to face increasing losses. Though the NBA is eyeing for a mid-June return, no date has been confirmed. As of now, there are 14 NBA members who have been infected. Also read | NBA salaries: NBA suspension could cause league whopping $1 billion loss in revenues

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NBA executives including Adam Silver to lose 20% of salaries after COVID-19 impact: Report

As the NBA 2019-20 season will continue to remain suspended, the league will be reducing the base salaries of at least a hundred NBA executives by 20%.

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