Variety reports that Endeavor laid off 250 of its employees across its company due to the worldwide stoppage in events from the coronavirus pandemic.
Yesterday, Liz Mullen of the Sports Business Journal reported that Endeavor halted equity payments to agents and executives.
The cuts were felt most by IMG Academy, a sports education facility which offers alternatives for potential pro players that do not want to attend college as well as support staff at businesses including talent agency WME and affiliates. According to Variety, the cuts affect facilities workers and mailroom employees.
Payout Perspective:
Unfortunately, it appears that the cuts hit the lowest rung of employees at Endeavor. The people earning minimal amounts are being cut which means that those most vulnerable to the downturn in the economy are left searching for work. This is unfortunate for the staffers laid off but a likely necessity for Endeavor which is going through financial issues. Does the UFC’s push to hold events as soon as possible have something to do with its parent company financial woes? It’s quite possible. The company has been one of the sole bright spots in Endeavor’s portfolio and keeping the company going helps with the overall revenues for Endeavor.
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