More Layoffs

    • This article was first published in the FOS Daily Newsletter. Subscribe here.
    • Monumental Sports & Entertainment executives already took a pay cut earlier this year.

Daily Newsletter

Sign up and see why influential business executives call it a “morning must-read.”

Sports are back, but team layoffs continue. Tepper Sports & Entertainment, which owns the Carolina Panthers and Charlotte FC, announced Tuesday it furloughed more than 16 employees and laid off another three because of the pandemic.

The company’s owner, David Tepper, is the richest owner in the NFL and bought the Panthers in 2018 for $2.275 billion. He purchased the 30th MLS expansion team for $325 million.

Charlotte’s staffing changes come a day after Monumental Sports & Entertainment furloughed 232 employees. MSE owns the Washington Capitals, Wizards and Mystics, among other entities. Chairman Ted Leonsis said he hopes to bring back the staff when circumstances improve.

MSE’s executive team took a pay cut in April, with Leonsis and partners suspending their compensation. In June, employees earning $75,000 or more received a 20% pay cut through the end of the year.

Other organizations that have taken cost-cutting measures: 

— Boston Bruins and TD Garden

— Pegula Sports & Entertainment

— MSG Sports

— D.C. United

— Washington Nationals