On Wednesday, Delaware North, the large conglomerate that holds the Boston Bruins and TD Garden, announced massive staff cuts and salary reductions as a part of their business stabilization measures to get through the coronavirus crisis. In a statement, Delaware North, which is privately owned and operated by billionaire Jermey Jacobs and his family, announced that 68 full-time salaried associates will be placed on temporary leave starting April 1 and an additional 82 full-time salaried employees will receive an “indefinite salary reduction.”
As the coronavirus pandemic wrecks havoc on the sports world, there have been teams who have stepped up to try to do the right thing by their workers, and teams, like the 76ers and their billionaire owner, who have been shamed into making the right call by public outcry. The Boston Bruins are just the latest example of an organization trying to preserve their profit margin at time when the lively hood of their employees should be a more pressing concern.
According to Forbes, Jermey Jacobs’ net value is $3.3 billion dollars and Bruins fans were quick to express their outrage over the cuts.
Jeremy Jacobs is worth almost $4 billion. Bruins were last NHL team to offer up any help to their employees and among 1st to make cuts (68 full-timers on temporary leave and 82 full-timers with indefinite salary reductions) w/both the Bruins and TD Garden. No defending any of it
— Joe Haggerty (@HackswithHaggs) March 25, 2020
No sports franchise has looked worse during this global pandemic than the Boston Bruins. The last team to act on aiding part-time employees and only kicks in IF the last 6 games are cancelled. Today they placed 68 employees on temporary leave. The owner is a billionaire.
— Matt Castle (@Matt_Castle22) March 25, 2020
This is Boston Bruins owner Jeremy Jacobs. He is worth about 4 Billion dollars and totally fine with leaving his employees out to dry during a national emergency so he can keep hoarding his wealth. Any time he goes out in public he should be actively harassed pic.twitter.com/SuYsocl8Sw
— Quaran-teen year plan (@designer_smarf) March 25, 2020
The Bruins were the last NHL team to announce any sort of employee compensation. Then that compensation was "only if the games are cancelled, not postponed". Now they're leading the charge in layoffs.
Jeremy Jacobs is worth $4 billion and the Bruins are a Top-5 team in value. https://t.co/xdxNFQY9mj
— Jeff Veillette (@JeffVeillette) March 25, 2020
As has been noted by many others, the Jacobs family was also among the last to announce any kind of fund to help part-time workers affected by the NHL season stoppage. That fund too leaves much to be desired as it only kicks in if and when the last games of the season are canceled. As of now, the NHL has simply postponed the season which means the part-time workers who keep the Bruins and TD Garden going are out of luck.
Cutting the Bruins and TD Garden workforce so dramatically is a despicable action by the Jacobs family who clearly have the personal wealth required to keep the company going during this difficult time. What’s even more infuriating is that the Delaware North statement goes on to say those not affected by the pay cuts are those with employment contracts, which presumedly means head coaches, assistant coaches and the team GM. The people whose incomes are getting axed right now aren’t the ones making millions, but those who are also probably just getting by.
The global pandemic has turned the world upside down, but this is a clear case of a company, and the Jacobs family, trying to preserve personal wealth at the expense of helping those who had worked so hard for them. It’s not just shameful, it’s amoral.