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TORONTO, SD – Maple Leaf Sports and Entertainment says it is slashing the salaries of up to a quarter of its full-time staff and extending pay cuts for senior executives and executives to cope with the financial impact of COVID-19.
The company that owns Toronto professional sports teams, including Maple Leafs, Raptors, and Argonauts, as well as sports facilities, says up to 25% of full-time staff will be moved to a state of temporary inactivity.
The extended wage reductions for executives and executives will take effect on January 1.
Affected employees will remain active MLSE pay on a reduced salary, keep their benefits and retirement, and keep their access to all business communication tools to stay up to date MLSEoperations of.
MLSE states that the length of time employees will remain inactive will depend on their ability to return to normal business operations.
Professional sports have been rocked by the pandemic with hockey games played in empty arenas, soccer games canceled altogether, and NBA games played in Florida.
“These past nine months have been the most challenging we have ever experienced, and while we hoped to see signs of a return to more normal commercial operations by now, the effects of the second wave of the pandemic forced us to prepare for further uncertainty,” said the president and CEO Michael Friisdahl.
This report by The Canadian Press was first published on November 30, 2020.
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