MLSE cuts salaries for full-time staff, extends management and executive reductions
The MLSE logo is shown.
The Canadian Press
Published Monday, November 30, 2020 11:17PM EST
TORONTO, S.D. - Maple Leaf Sports and Entertainment says it is cutting the salaries of up to one quarter of its full-time staff, and extending salary reductions for senior management and executives to deal with the financial impact of COVID-19.
The company that owns Toronto professional sports teams including the Maple Leafs, the Raptors and the Argonauts as well as sports venues, says up to 25 per cent of full-time staff will be moved to temporary inactive status.
Extended management and executive salary reductions will be effective Jan. 1.
Affected employees will remain on MLSE payroll at a reduced salary, retain their benefits and pension and maintain their access to all corporate communication tools to remain current on MLSE's operations.
MLSE says the length of time employees will remain inactive will be based on its ability to return to normal business operations.
Professional sports has been disrupted by the pandemic with hockey games played in empty arenas, football matches cancelled altogether and NBA games having been played in Florida.
“These past nine months have been the most challenging we have ever experienced, and while we had hoped to see signs of a return to a more normal business operations by now, the effects of the second wave of the pandemic have forced us to brace for further uncertainty,” stated president and CEO Michael Friisdahl.
This report by The Canadian Press was first published Nov. 30, 2020.