The NBA sent a memo to its league office staff on Tuesday, instructing them to reduce expenses and limit hiring for the remainder of the fiscal year due to economic constraints, sources confirmed to ESPN.
“Like other businesses in the US and globally, the league office is not immune to macroeconomic pressures and taking steps to reduce expenses,” NBA spokesperson Mike Bass told ESPN in a statement.
The league’s fiscal year begins in October, aligning it roughly with the start of each regular season.
The NBA came to an agreement with the National Basketball Players Association on a new collective bargaining agreement late last month, one that will ensure labor peace through the rest of this decade. And, earlier this week, the league announced it set records for both sellouts and attendance, as well as on both digital and social engagement.
The league is also nearing the completion of a nine-year television agreement with ESPN/ABC and Turner Sports, which runs through the 2024-25 season.
The NBA’s play-in tournament began Tuesday, with the Atlanta Hawks beating the Miami Heat and the Los Angeles Lakers beating the Minnesota Timberwolves to clinch the seventh seed in each conference.
The first round of the playoffs begin Saturday, with four games each day this weekend.
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NBA to reduce expenses, limit hiring due to economy, per memo
