The NBA sent a letter to its league office staff on Tuesday instructing them to reduce expenses and limit hiring for the remainder of the fiscal year due to tough economic conditions. The league’s fiscal year begins in October, thereby aligning with the start of the NBA season.
“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 announced.
2023 has proven to be a busy year for the league in a financial sense, with the NBA reaching a deal with the National Basketball Players Association late last month over a new collective bargaining agreement to ensure peace between the two parties for the remainder of the decade.
The NBA is also in the process of closing a nine-year television agreement with ESPN/ABC and Turner Sports, set to run through the 2024-25 season.
Earlier this week, the league announced that it had set records for live game attendance as well as for digital and social engagement. The NBA playoffs are set to begin on Saturday, with four games on each day this weekend.
