USOPC to cut 10% to 20% due to coronavirus

USOPC to cut 10% to 20% due to coronavirus

DENVER (AP) — The U.S. Olympic and Paralympic Committee is bracing for cuts of 10% to 20% because of the coronavirus pandemic that has pushed the Olympics back one year and triggered losses across the nation's sports organizations, The Associated Press has learned.

The AP received a copy of a letter CEO Sarah Hirshland sent to leaders across the U.S. Olympic world Tuesday in which she said the exact nature of the cuts would be determined by the end of May.

“Rather than attempting a simple across-the-board reduction, we will make strategic decisions based on the resources needed to continue mission-critical programs, services and functions,” Hirshland wrote.

She said she has taken a 20% pay cut and the rest of the executive team has taken 10 percent pay cuts through at least the end of the year.

She said the reductions are needed to “balance both the current deals in revenue and anticipated decline in revenue that we expect over the next several years.”

Source: https://www.usatoday.com/story/sports/olympics/2020/04/21/usopc-to-cut-10-to-20-due-to-coronavirus/111580566/

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