TORONTO – Maple Leaf Sports and Entertainment says it cuts wages by a quarter of its full-time staff and extends pay cuts for senior management and executives to deal with financial impact of COVID-19 .
The company, which owns professional Toronto sports teams including the Maple Leafs, Raptors and Argonauts, as well as sports venues, says up to 25% of full-time staff will be temporarily inactive.
Extended executive and executive pay cuts will take effect on January 1.
Affected employees will remain on the MLSE payroll at a reduced salary, retain their benefits and retirement, and retain access to all corporate communication tools to stay abreast of MLSE operations.
MLSE says the length of time employees will be inactive will depend on its ability to resume normal business activities.
Professional sports have been disrupted by the pandemic with hockey games played in empty arenas, football games canceled and NBA games played in Florida.
“The past nine months have been the most difficult we have ever experienced, and while we were hoping to see signs of a return to more normal business activity, the effects of the second wave of the pandemic have forced us to prepare. for more uncertainty, ”said Chairman and CEO Michael Friisdahl.
This report by The Canadian Press was first published on November 30, 2020.