Haugh: Cubs Bracing For New Financial Reality

(670 The Score) While America hopes for baseball to return soon, the Cubs braced for the worst this week at Clark and Addison.

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.