The NBA league office is making cuts to its budget, including limiting travel, and instituting a hiring freeze amidst an economic downturn, as relayed by Andrew Cohen of Front Office Sports.
A memo to NBA employees obtained by the New York Times detailed the cost-cutting measures.
It stated the NBA is “facing a very different economic reality than just one year ago,” and added that the league “seeing significant challenges to achieving our revenue budget with additional downside risk still in front of us,” per Cohen.
Along with the hiring freeze, the NBA has told employees to hold off-site meetings virtually or cancel them altogether. Other expenses relating to travel have also been cut, the memo indicated.
“Like other businesses in the US and globally, the league office is not immune to macroeconomic pressures and taking steps to reduce expenses,” NBA spokesperson Mike Bass said in a statement, via Tim Bontemps of ESPN.
The news comes on the heels of the NBA announcing that it sold the most tickets in league for history a regular season as well as set all-time records for attendance and sellouts.
Recently, veteran NBA.com writer Mark Medina recently revealed that he had been laid off, though that was unrelated to the league office — as NBA.com is operated by Warner Bros. Discovery.
NBA commissioner Adam Silver said last year that the league expected to make about $10 billion in revenue.
This marks my last week at https://t.co/l8GiiwtOwT amid layoff cuts at @wbd. Thank you to the supportive colleagues at https://t.co/l8GiiwtOwT & @NBATV. I feel blessed and grateful for the past 18 months. And I feel determined to keep building with the next steps ahead.
— Mark Medina (@MarkG_Medina) April 7, 2023
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