Maple Leafs Sports & Entertainment to cut salaries of execs, lay off 25% of staff temporarily

Maple Leafs Sports & Entertainment Ltd. made the announcement on Monday that plans are in motion to move up to 25% of its full-time staff to what is being labeled as a "temporary inactive" status due to financial stress relating to the ongoing COVID-19 pandemic.

In addition, MLSE is also cutting executive and senior management pay, beginning on January 1st, 2021. What this means for the upcoming NHL season is uncertain at this point. But it certainly doesn't look promising, especially with COVID-19 numbers spiking in Toronto and Peel.

"These past nine months have been the most challenging we have ever experienced," Michael Friisdahl, president and CEO of MLSE told BNN Bloomberg, a division of Bell Media on Monday. "And while we had hoped to see signs of a return to a more normal business operations by now, the effects of the second wave of the pandemic have forced us to brace for further uncertainty.

"Our focus has been on doing everything possible to protect our employees and support our community, fans, and partners while mitigating the financial impact of the pandemic. As difficult as this time has been, we know that the strength of our company, teams and our community will allow us to return stronger than ever.”

The news isn't all bad, as all staff affected will still be on the company's payroll. They will also keep access to all corporate communication tools such as cellular devices and laptops. Additionally, all pensions and benefits packages will remain intact.

MLSE is the parent company of the Toronto Maple Leafs (NHL), Toronto FC (MLS), Toronto Raptors (NBA) and Toronto Argonauts (CFL).

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