- The NBA season has been postponed because of the coronavirus pandemic. Several players have tested positive for the virus.
- The NHL and MLB have also postponed their seasons, and the fate of the 2020 Olympics is still up in the air.
- NBC News’ Kurt Helin reports that the NBA could lose out on nearly $500 million in ticket revenue if the entire season and playoffs are cancelled. As of now, the season is not fully canceled, and could take place later in the year.
- Visit Business Insider’s homepage for more stories.
Billionaires are getting hit hard as the coronavirus wreaks havoc on businesses and markets across the globe. On March 14, NBC News’ Kurt Helin reported that the NBA could lose out on nearly $500 million in ticket revenue if the entire season and playoffs are completely cancelled.
Despite the grim outlook, some NBA players have taken it upon themselves to help out the arena workers and other employees who are being impacted by the postponed season. Nineteen-year old Zion Williamson of the New Orleans Pelicans, for one, offered to pay the lost wages for those who work at the Smoothie King Arena, where the Pelicans play.
Kevin Love of the Cleveland Cavaliers and the Detroit Pistons’ Blake Griffin have also each donated $100,000 to affected arena workers. Steph Curry similarly started a fundraiser to help fight hunger amid the coronavirus.
While a number of players have come together to help affected employees, relatively few team owners have done the same. Mark Cuban and Tony Ressler, who own the Dallas Mavericks and Atlanta Hawks respectively, announced that they would be taking care of their employees, in addition to Washington Wizard’s owner Ted Leonsis.
But as of March 13, only about half of the NBA teams had announced they would help compensate workers for lost wages, The New York Times reports.
Here’s a list of nine billionaire NBA team owners who stand to lose money if the season is canceled outright — and whether or not they or the teams they own have agreed to pay for affected workers’ lost wages.
Net worth: $2.4 billion
Owns: Atlanta Hawks
Ressler has said that he will “take care” of all of his part-time employees amid the season postponement.
Net worth: $4.3 billion
Owns: Dallas Mavericks
Charles Dolan and family
Net worth: $4.7 billion
Owns: New York Knicks
Forbes estimates that the New York Knicks is the most valuable NBA team, with a valuation of $4.6 billion. For the 2018-2019 season, the Knicks brought in $132 million worth of gate receipts and ticket sales.
Dolan and his family have not publicly announced whether they are taking measures to support employees amid the league postponement.
Net worth: $5.4 billion
Owns: Miami Heat
Net worth: $5.7 billion
Owns: Detroit Pistons
Though Pistons player Blake Griffin will be donating $100,00, there’s no information available about whether Gores himself plans to personally donate to help part-time workers.
Net worth: $6.2 billion
Owns: Cleveland Cavaliers
The team announced that they would be compensating all of their hourly staff workers as if the games and events were still taking place. This came following the announcement that Cavaliers player Kevin Love will be donating $100,000 to event staff.
Owns: Memphis Grizzlies
The Grizzlies and Robert Pera will be compensating all “game night employees” for the games that will be missed through the end of the year.
Net worth: $10 billion
It’s unclear whether, or how, Kroenke and the teams he owns will be compensating workers during the postponement.
Net worth: $53.6 billion
Owns: Los Angeles Clippers
According to Forbes, the LA Clippers team is worth $2.6 billion, making it one of the most valuable in the league. For the 2018-2019 season, the Clippers brought in $64 million worth of gate receipts and ticket sales.
The Clippers have teamed up with the Lakers, and the NHL’s LA Kings to create a fund to help compensate part-time and contract workers affected by the shutdown.