NBA players to get 25 per cent pay cut due to coronavirus shutdown
The NBA has reached an agreement with the National Basketball Players Association to withhold 25 per cent of each player’s salary from May 15 due to the shutdown of the sport because of the coronavirus pandemic.
The deal would provide a gradual reduction in player salaries in case the pandemic wipes out the rest of the regular season.
The money will be reportedly placed in escrow – a temporary measure where assets are held by a third party – to be paid back to players if all of the remaining regular season games are played.
If only part of the season can be played, the amount paid out would be on a pro rata basis based on the number of games completed.
Reports suggest the salary reductions will continue through the first two months of the 2020-21 NBA season.
The NBA has not held a game since March 11 and it is unclear when it might return to action. The league is set to discuss next steps before May 1.
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