The Timberwolves and Lynx have laid off 18 employees and have instituted temporary pay cuts for others, it was announced Thursday.
The changes come to the business side of the operations for the Wolves, Lynx, Iowa Wolves and T-Wolves Gaming, a spokesperson said. The pay cuts will be for employees making over $70,000 per year.
The cuts across those organizations come after the Wild announced furloughs and reduced hours for an undisclosed number of employees on Tuesday.
“The Timberwolves and Lynx have experienced a significant financial impact due to the global pandemic,” the Timberwolves said in a statement. “As a result of these unforeseen circumstances, the organization has made staffing changes that include a temporary tiered pay reduction plan for employees earning $70,000 or more as well as a reduction in our full-time workforce.”
The NBA postponed its season March 11, becoming the first sports league to do so. Even though the league is planning to resume its season with 22 teams late July in Orlando, there is expected to be a decline in revenue since there is a reduction in games and teams can’t collect ticket revenue for home games. The Wolves are one of eight teams whose season is over and will not be resuming play in Orlando.
The revenue decline will affect the amount of money distributed to teams and likely reduce the salary cap for next season. Players have already accepted a 25% temporary pay cut and the league instituted a 20% temporary pay cut for its top executives.
The Twins announced last month all full-time employees would be paid through at least June 30. United players are taking a 5% salary reduction as part of the MLS’ agreement to restart. The Vikings have not furloughed employees, according to the team.
Courtesy: StarTribune
