NFL offers buyouts to more than 200 employees

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The National Football League offered voluntary buyouts to at least 200 employees as it gears up for start of the playoffs this coming weekend, according to a memo obtained by CNBC.

The NFL, which has about 1,100 employees, told staff that it is “continuously evaluating ways to enhance efficiency and improve outcomes,” according to the memo.

“Every organization is increasingly challenged to be agile, responsible and strategic. The NFL is no exception,” the memo says.

The buyouts come when the league has shown financial strength, with revenue in 2022 hitting nearly $12 billion. Commissioner Roger Goodell has set a goal of reaching $25 billion in annual revenue by 2027. Teams are also valued at high levels. In July, NFL owners approved the sale of the Washington Commanders, a franchise that hasn’t won a Super Bowl in more than three decades, for a record $6 billion.

The league sent the buyout memo to employees who qualified, which is dependent on their age and the number of years they worked in the league office, with the total number equal or exceeding 70. It wasn’t immediately clear how many buyouts the NFL is aiming for.

The league offered eligible employees three weeks salary for every year served, in addition to bonuses. Staffers will have until the end of February to decide whether to take the buyout.

The NFL said its strategy going forward includes international expansion, the growth of flag football, and the continued development of media and digital operations.

“How we operate, where we invest our capital, and the workforce must evolve to align with these strategic priorities to best position the league for continued success,” the memo says.

In May, the NFL Network laid off about 5% of its workforce.

News of the buyouts was first reported by Sports Business Journal.

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Clarification: This story was updated to clarify the NFL’s formula for offering the buyouts.

Source: https://www.cnbc.com/2024/01/09/nfl-offers-buyouts-to-more-than-200-employees.html

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