Sixers and Devils cutting pay may be understandable business but it won't go over well.
I am not a businessman. Let me get that out of the way. But I have a pretty good innate understanding of public relations. And one thing that isn’t the best idea right now is a billionaire sports team owner cutting salary for workers, especially when they are the first to do so publicly, and in light of the generosity we’ve seen from so many professional athletes.
To that point,
The 76ers and Devils announced full-time salary employees will be subject to temporary pay cuts of up to 20% in a move they say is aimed at avoiding layoffs.Now I get the finances of those organizations will be tremendously impacted by the coronavirus pandemic. Heck, the NBA itself hasn’t fully committed to paying players salaries for the full season. But there you are talking millions and with 76ers and Devils owner Joshua Harris you’re talking billions. 3.7 billion according to Forbes.
He paid $280 million for the Sixers. I was trying to do the math on what percentage of his total value that was but the calculator on my phone ran out of characters trying to type in 3.7 billion. Harris once donated $10 million to Wharton, his alma mater, an inconsequential amount to him that would go a long way for others. I think he and those franchises can afford a loss. Many workers cannot. Which is why you’ve seen so many, particularly NBA players step up to pledge help. In most of those cases assistance was for arena staff and not salaried employees to be fair but this is a struggle in which many share.
Again, I’ve got no idea about the business side, or what has been done in the past behind the scenes. But I’ll tell you what I do know...such a quick cost cutting move is not going to go over well when you’re talking that kind of wealth.
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