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Billionaire Owner of 76ers and Devils Backtracks on Pay Cuts for Staff

Billionaire Owner of 76ers and Devils Backtracks on Pay Cuts for Staff

(Bloomberg) -- Apollo Global Management co-founder Josh Harris, who owns basketball’s 76ers and hockey’s Devils, retreated from a plan to cut the pay of team employees, saying “that was the wrong decision.”

Harris had ordered salaried employees’ pay to be cut by 20% until June in response to the coronavirus crisis and the nationwide sports shutdown. Harris, who has a net worth of $4.3 billion, was widely panned on social media.

Billionaire Owner of 76ers and Devils Backtracks on Pay Cuts for Staff

“After listening to our staff and players, it’s clear that was the wrong decision,” he said Tuesday in a statement. “This is an extraordinary time in our world -- unlike any most of us have ever lived through before -- and ordinary business decisions are not enough to meet the moment. To our staff and fans, I apologize for getting this wrong.”

Previously, the Devils had said the club would pay hourly workers and event staff at the team’s arena through the end of the regular season. Harris also owns the Prudential Center in Newark, New Jersey.

The leagues are also grappling with the economic fallout from the shutdown. The NHL said Tuesday it’s imposing pay cuts on employees. Both the NHL and NBA have said they hope to resume either the regular season or playoffs.

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