The employees will not have a reduction in health or 401K benefits.
Philadelphia 76ers star Joel Embiid is donating $500,000 toward coronavirus relief and an undefined amount to help cover the salaries of those employees who will have them temporarily reduced during this worldwide pandemic, according to Shams Charania of The Athletic. "After listening to our staff and players, it's clear that was the wrong decision".
Harris helms Harris Blitzer Sports & Entertainment which is the principal owner of the 76ers and the New Jersey Devils.
What they're saying: Just search "Josh Harris" (net worth: $3.8 billion) or "David Blitzer" (net worth: $1.3 billion) on Twitter and you'll find out pretty quickly how most Americans feel about billionaires cutting pay to avoid incurring losses that they could presumably withstand. Workers below contract, equivalent to members of the Sixers' and Devils' teaching staffs and chosen members of their entrance places of work, have been requested to take part in the rollbacks however can't be pressured to take action.
According to The New York Times, which first reported the news on Monday night, the salary cuts will affect employees making more than $50,000 a year.
ESPN added that both teams were expected to ask contracted front-office employees to take similar cuts.
Executives such as Sixers general manager Elton Brand, Devils president Jake Reynolds, Sixers president Chris Heck, and HBSE chief executive Scott O'Neil have agreed to participate in the program, Stein reported.
"To make sure we will proceed to assist and function our companies throughout these unsure occasions with out decreasing our work power, we're asking our full-time, salaried workers to briefly cut back their pay by as much as 20 % and transfer to a four-day week", O'Neil stated. Minutes later, Harris released his statement rescinding the cuts.