NBA to Take On Its First Day of Pay Reductions Since Instalment of CBA
The coronavirus global pandemic has been hitting everyone hard.
No business has snuck through unscathed
This includes the NBA. With a massive projected drop in next year’s salary and growing concerns over small market team profitability, players will have to be wary over their financial situations as well.
NBA teams are set to withhold over $30 million from player pay checks on Friday as the league is set to embark on its first salary reduction since the NBA and the NBPA agreed upon a temporary 25 percent cut in pay. That being said, five of the league’s top-10 earners have already been paid in full and will not see any pay decreases on Friday. However, LeBron James, Stephen Curry, John Wall, Blake Griffin, and Paul George will all see pay reductions to begin next season.
Of the 434 players under contract, 100 will see at least a $100,000 drop in pay on Friday, while Kevin Durant, who’s contract commends 13 separate instalments will lose $360,000. According to the CBA, players lose approximately 1% of their salary for every game that is cancelled.
It is a difficult time for all professional sports leagues, the NBA included.