The 76ers and Devils will be imposing temporary salary reductions beginning on April 15, according to the New York Times’ Marc Stein.
The salary reductions will not impact all employees, and the move is “aimed at avoiding layoffs,” per Stein. Salaried employees making over $50,000 will receive salary reductions of up to 20%.
Contract employees—including players and coaches—are being asked to participate in the salary reductions, though can not be forced to.
“To ensure we can continue to support and operate our businesses during these uncertain times without reducing our workforce, we are asking our full-time, salaried employees to temporarily reduce their pay by up to 20 percent,” Harris Blitzer Sports & Entertainment CEO Scott O’Neil said in a statement, per Stein. “We are committed to playing an ongoing role in funding efforts to help the most impacted residents in our home cities.”
Josh Harris purchased the 76ers for $280 million in 2011. He is the co-founder of Apollo Global Management.