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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’s going on with extra COVID-19 unemployment benefits?
It’s been weeks since President Donald Trump signed an executive memorandum that was supposed to get the federal government back into the business of topping up unemployment benefits, to $400 a week. Few states, however, are currently paying even part of the benefit that the president promised. And, it looks like, in most states, the maximum additional benefit unemployment recipients will be able to get is $300.
What’s the latest on evictions?
For millions of Americans, things are looking grim. Unemployment is high, and pandemic eviction moratoriums have expired in states across the country. And as many people already know, eviction is something that can haunt a person’s life for years. For instance, getting evicted can make it hard to rent again. And that can lead to spiraling poverty.
Which retailers are requiring that people wear masks when shopping? And how are they enforcing those rules?
Walmart, Target, Lowe’s, CVS, Home Depot, Costco — they all have policies that say shoppers are required to wear a mask. When an employee confronts a customer who refuses, the interaction can spin out of control, so many of these retailers are telling their workers to not enforce these mandates. But, just having them will actually get more people to wear masks.
You can find answers to more questions on unemployment benefits and COVID-19 here.
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