View Full Version : Riley and the Heat take a pay cut

09-17-2003, 09:06 PM
Pat Riley and staff to take a voluntary 10% pay cut
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ESPN.com news services
Pat Riley, in his role as team president, revealed Tuesday that "every member" of the Miami Heat organization has agreed to a 10 percent pay cut -- himself included.

"We want to make this a financially successful operation," Riley was quoted as saying in Wednesday's editions of the South Florida Sun-Sentinel.

Any snipping of players' salaries would run counter to the Collective Bargaining Agreement. An NBA spokesman told ESPN.com on Wednesday that players' contracts are guaranteed by the CBA. Any cut can include employees of a team, but players must be paid according to their contracts.

Riley told the Sun-Sentinel that his basketball-operations department is operating under a spending ceiling for the first time. A self-imposed payroll limit of $46 million has left the Heat with less than $1 million to spend beyond its current 14-player roster.

Riley said that the payroll reduction includes AmericanAirlines Arena management. Riley's pay cut could amount to $500,000 for the 2003-04 season.

09-17-2003, 09:22 PM
NBA squad taking a pay cut, who woulda thunk?

09-17-2003, 09:35 PM
Probably took the cut to stave off a performance based contract.

09-18-2003, 12:31 PM
Don't know how true it is, but I heard on the radio this morning that Riley is only taking 10% cut in per diem. Even if it's not true, doesn't he have an equity stake in the team. He still benefits from the team cutting cost.