NBA players agree to 25 per cent pay cut amid coronavirus pandemic
The move is designed to ensure a gradual decrease in wages should Covid-19 lead to regular season games being cancelled
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Your support makes all the difference.The NBA has struck a deal with the National Basketball Players Association to withhold 25 per cent of every player’s pay from 15 May due to the coronavirus pandemic.
The compromise is designed to ensure there is a gradual decrease in pay should Covid-19 lead to the cancellation of regular season games and therefore activate the force majeure provision in the collective bargaining agreement.
The total money raised will be placed in escrow and refunded to the players should the remaining games be fulfilled, according to ESPN.
Players will receive their full wages on 1 May, while the force majeure will also protect players should the salary cap or luxury tax for teams dramatically decrease for next season as a result of the economic impact from the pandemic.
The union has also informed players that confirmation over whether games will be cancelled and further details on how many may not arrive until 15 June.
While the players will be paid back on a pro rata basis if only a portion of the regular season is played out upon the league’s resumption.
The reduction in wages will also be extended to the first two months of next season.
With the total loss in wages for the players likely to eventually amount to 23-26 per cent.
The NBA suspended its season from 11 March and has not held a game since March 11.
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