BREAKING NEWS

NBA cuts workforce by about 11% in cost-cutting move

By REUTERS

JULY 15, 2011 03:22

NEW YORK - The National Basketball Association reduced its workforce by about 11 percent, or 114 jobs, as expenses are outpacing revenue, a league spokesman said on Thursday.

The spokesman said the NBA, which locked out players two weeks ago when talks on a new collective bargaining agreement collapsed, said the cuts are not directly linked to the labor dispute but rather part of a $50 million cost-cutting plan.

"The layoffs are not a direct result of the lockout but rather a response to the same underlying issue; that is, the league's expenses far outpace our revenues," said Mike Bass, a spokesman for the NBA.

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