The Cubs imposed pay cuts Tuesday ranging from 10% to 35% for their highest-paid employees, the latter group including top executives Theo Epstein and Crane Kenney as well as manager David Ross. Team officials determined pay cuts were a better alternative than furloughs for non-playing personnel so that workers could continue to get paid through the COVID-19 pandemic, a league source said.
The measures were deemed necessary as Cubs chairman Tom Ricketts confronted the reality that the team stands to lose at least $100 million this season — even if Major League Baseball plays half a season without fans.
As one of baseball’s most successful big-market teams, the Cubs claim to derive around 70 percent of their revenue from the game-day experience — i.e. the sales of tickets, concessions, merchandise and parking. Ricketts referred to that number in an online conversation with season-ticket holders last week.