Joined: 03 Feb 2004
|Posted: Wed May 27, 2020 5:03 pm Post subject: NBA being sued for missed rent payments amid coronavirus shutdown
|NBA being sued for missed rent payments amid coronavirus shutdown
The NBA has been sued by the owners of the building that houses the NBA Store, who say the league owes more than $1.2 million after not paying rent in April or May.
The league responded by saying it doesn’t believe the suit has merit, because it was forced to close the New York store due to the coronavirus pandemic.
NBA Media Ventures, LLC is required to pay $625,000 of its $7.5 million annual fee on the first day of each month under teams of its lease with 535-545 FEE LLC, according to the suit filed Tuesday in New York.
The NBA entered into the lease agreement for the property at 545 Fifth Ave. in November 2014.
Counting other fees such as water, the owners of the building are seeking more than $1.25 million.
“Like other retail stores on Fifth Avenue in New York City, the NBA Store was required to close as a result of the coronavirus pandemic. Under those circumstances, we don’t believe these claims have any merit,” NBA spokesman Mike Bass said. “We have attempted, and will continue to attempt, to work directly with our landlord to resolve this matter in a manner that is fair to all parties.”
The NBA suspended play on March 11 because of the coronavirus pandemic and faces hundreds of millions of dollars in losses this season, even as it works toward trying to resume play in July.