• Loading stock data...
Wednesday, April 17, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

NBA Makes Budget Cuts, Stops Hiring Amid Economic Headwinds

  • An NBA spokesperson said the league is “facing a very different economic reality than just one year ago".
  • An NBA memo obtained by The New York Times detailed a hiring freeze among other cost-cutting measures.
Darren Yamashita-USA TODAY Sports

Economic conditions have caused the NBA to implement a hiring freeze and other cost-cutting measures around the league office.

In a memo obtained by The New York Times sent to NBA staff members Tuesday, the league said it was “facing a very different economic reality than just one year ago,” and added, “We are seeing significant challenges to achieving our revenue budget with additional downside risk still in front of us.”

NBA employees were told to cancel some off-site meetings or host them virtually, while other expenses related to travel and entertainment are being cut. 

Commissioner Adam Silver said last year that the NBA expected to make about $10 billion in revenue for its 2021-22 season. 

The budget cuts come just days after the NBA announced it sold the most tickets for a regular season in league history in 2022-23 and set new records for all-time attendance and sellouts. 

The NBA’s current media rights package expires after the 2024-25 season, and the league is seeking between $75 billion and $100 billion in its next wave of broadcast and streaming deals.

Industry Trend

Other leagues have also begun reducing costs amid macroeconomic concerns. 

Front Office Sports reported last month that the NFL is laying off staff from its media division. ESPN is also expecting to undergo layoffs amid widespread job cuts from parent company Walt Disney.

The NBA’s last round of layoffs occurred in 2020, ahead of the league’s restart during the pandemic. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

To Sum Up Current Commanders, Coyotes Situations: It’s Complicated

The Commanders hire a Capitol Hill insider as the team continues its stadium pursuit.

Caitlin Clark Drives Massive WNBA Draft Audience for ESPN

Clark’s coronation was the most-watched WNBA telecast in decades.

Mythical Knicks Pitch to LeBron James With ‘Sopranos,’ Trump, Weinstein Leaks 14 Years Later

Video shows Tony and Carmela Soprano recruiting LeBron James to the Knicks.

The Yankees’ Radio Voice Retires, Ending an Era of Longevity

The longtime Yankees radio announcer was an industry outlier in many respects.
podcast thumbnail mobile
Front Office Sports Today

Can MLS Get Bigger Than MLB?

0:00
0:00

Featured Today

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.
Mar 31, 2024; Portland, OR, USA; NCAA officials measure the three point line while coaches from the Texas Longhorns and NC State Wolfpack watch with referees in the finals of the Portland Regional of the NCAA Tournament at the Moda Center center.
April 1, 2024

NCAA Has No One to Blame for Latest Women’s March Madness Transgressions

NCAA is still making avoidable mistakes three years after a complete overhaul.
Nov 16, 2015; Bloomington, IN, USA; General view of the championship banners at Assembly Hall prior to the game between Austin Peay and Indiana.
March 31, 2024

How to Make It in Basketball: Become a Manager at Indiana

Inside the Hoosiers’ unglamorous, profoundly rewarding incubator for basketball’s biggest names.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Nike
Multiple - USA Careers
NBA
Multiple - USA Careers
Dunham's Sports
Multiple - USA Careers

For Caitlin Clark and Other Rookies: Now a 29-Day Sprint to WNBA Debut

The league regular season starts swiftly after college basketball ends.
April 16, 2024

The WNBA Has Huge Ambitions as Caitlin Clark Finally Comes Aboard

Commissioner Cathy Engelbert is aware of the moment in front of the league.
April 16, 2024

WNBA Draft Fashion Has Come a Long Way From ‘Most Athletic Accountants’ Era

The WNBA draft used to have a strict dress code, a former top pick tells FOS.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 15, 2024

Caitlin Clark’s WNBA Chapter Officially Opens as No. 1 Overall Pick

Clark’s professional career is starting as a member of the Indiana Fever.
April 15, 2024

NBA’s Two Tourneys Drive Record Attendance

Total attendance for the 2023–24 season, which ended Sunday, was 22,538,518.
April 15, 2024

Wrexham, Leverkusen Write Hollywood Stories

The guaranteed payoff for Wrexham is modest but still significant.
April 15, 2024

Out of Her ‘Comfort Zone’: SNL Starts Caitlin Clark’s Whirlwind Draft Weekend

‘The Today Show,’ ESPN, and an Empire State Building photo opp.