The economic landscape of the United States and the rest of the world has changed on a dime due to the ongoing COVID-19 pandemic that’s infected north of one million people globally.
While most don’t want to hear billionaire NBA owners cry poor, the Association is also in dire straits financially after it suspended the season last month.
It’s in this that the NBA is proposing players take a 50% reduction in salary starting April 15 and continuing through the current work stoppage. THe NBPA responded by offering up a 25% reduction starting in mid-May.
We’re talking about a difference in the multiples of millions. There’s also no telling how long the season will be suspended or if it’s going to be canceled altogether. Teams themselves are preparing for losses in the tens of millions.
At the current rate COVID-19 is spreading within the states, there’s no telling when the NBA will return. And given the spike in cases and deaths around the United States, these finances should be the least of our concerns.
It is still rather striking.