NBA approves plan to return; no deal in sight for MLB
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When can we get sports back safely during the time of the coronavirus? Pro basketball has just come up with and approved a plan. The NBA season will start on the last day of July with billions of dollars at stake.
But what about baseball? Marketplace’s Nova Safo has the story. He spoke with “Marketplace Morning Report” host David Brancaccio. The following is an edited transcript of their conversation.
David Brancaccio: What’s the plan for professional basketball?
Nova Safo: They’re going to play games in a bubble, essentially, quarantining everyone involved in Florida with regular testing. They’ll play all the games at the ESPN Wide World of Sports complex at Disney World near Orlando with no fans in attendance. The games will be played for television only and will stretch into October. The league is still figuring out what they’ll do if someone tests positive for the coronavirus.
Brancaccio: The NBA suspended play on March 11, and it was the first professional sports league to do so. Do we know the economic pain they’ve endured?
Safo: Players agreed to a 25% pay cut, with provisions for clawing some of that money back later. The league is losing billions of dollars in revenue.
Just to give you an idea: The NBA’s TV contract is worth $24 billion. And it reportedly makes 40% of its revenues from fans showing up in arenas. That’s billions of dollars that’s not coming back any time soon
Brancaccio: And what about baseball? It didn’t even get to start its regular season? Will it have one?
Safo: Baseball isn’t there yet. The players and owners can’t come to terms to begin playing. They’ve been talking for four weeks.
Tom Ricketts, owner of the Chicago Cubs, went on ESPN Tuesday and said the scale of the losses is “biblical.” Last season, Major League Baseball brought in almost $11 billion, according to Forbes. Ricketts says revenues are currently $0.
COVID-19 Economy FAQs
What are the details of President Joe Biden’s coronavirus relief plan?
The $1.9 trillion plan would aim to speed up the vaccine rollout and provide financial help to individuals, states and local governments and businesses. Called the “American Rescue Plan,” the legislative proposal would meet Biden’s goal of administering 100 million vaccines by the 100th day of his administration, while advancing his objective of reopening most schools by the spring. It would also include $1,400 checks for most Americans. Get the rest of the specifics here.
What kind of help can small businesses get right now?
A new round of Paycheck Protection Program loans recently became available for pandemic-ravaged businesses. These loans don’t have to be paid back if rules are met. Right now, loans are open for first-time applicants. And the application has to go through community banking organizations — no big banks, for now, at least. This rollout is designed to help business owners who couldn’t get a PPP loan before.
What does the hiring situation in the U.S. look like as we enter the new year?
New data on job openings and postings provide a glimpse of what to expect in the job market in the coming weeks and months. This time of year typically sees a spike in hiring and job-search activity, says Jill Chapman with Insperity, a recruiting services firm. But that kind of optimistic planning for the future isn’t really the vibe these days. Job postings have been lagging on the job search site Indeed. Listings were down about 11% in December compared to a year earlier.
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