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Derick Thomas

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Article text courtesy of nytimes.com

N.B.A. Blames Economy for Hiring Freeze and Budget Cuts

The N.B.A., citing “economic headwinds,” instructed league office staff on Tuesday to reduce expenses and significantly limit hiring for the rest of the fiscal year, according to a memo obtained by The New York Times. The memo, sent by Kyle J. Cavanaugh, a league executive, and David Haber, the league’s chief financial officer, told staffers to halt hiring, with limited exceptions, and cancel some off-site meetings or hold them virtually. 

Travel, entertainment and other expenses also will be cut, according to the memo. “Like other businesses in the U.S. and globally, the league office is not immune to macroeconomic pressures and taking steps to reduce expenses,” Mike Bass, an N.B.A. spokesman, said in a statement to The Times. The memo said the N.B.A. was “facing a very different economic reality than just one year ago.” It continued, “We are seeing significant challenges to achieving our revenue budget with additional downside risk still in front of us.”