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Paul Gaston Did Not Take His Salary Last Season
Ahhh to be that wealthy to pass up a million dollars....
[The Boston Globe Online][Boston.com]
[Boston Globe Online / Sports]
Celtics' Gaston didn't take his salary
By Gregg Krupa, Globe Staff, 10/02/99
Celtics owner Paul Gaston declined
his $1 million salary for the
fiscal year that ended June 30 after a
tough financial season for the franchise
because of the NBA owners' lockout of
''It was a personal decision, he felt it
was the right thing to do because of the
lockout,'' said Celtics executive vice
president Richard Pond.
There is precedent for the move. NBA
commissioner David Stern declined to
collect his salary for the period of the
lockout, which lasted until Jan. 20 and
erased 32 games of the Celtics' 82-game
The lockout began July 1, 1998, and had a
substantial negative impact on the
Celtics' bottom line. Revenue for the
fiscal year ending June 30 was $43 million
compared with $75.7 million in the
The Boston Celtics LP, the ownership group
for the publicly-trade franchise, last
month reported a loss of $10.1 million.
The team told the Securities and Exchange
Commission that it lost $950,000 in ticket
revenue and $115,000 in broadcast fees per
Gaston would make no public comment on his
decision to forgo his salary, which was
first reported by Street & Smith's
''I just talked to him and he said, `I
don't even know what all of the fuss is
about.''' Pond said. ''He basically told
me to answer the questions, but he doesn't
see it as a big deal.
''The questions I've gotten is, `Was he
forced to do it?' Absolutely not, this was
completely a decision that he made.''
Pond denied that Gaston's move or the poor
economic performance of the team last year
suggested that the franchise is
''Absolutely not,'' Pond said.
The Gaston family, including Paul's
father, Don, who passed control of the
team to his son, has other considerable
''His family, I am sure, has all kinds of
other investments,'' Pond said. `I don't
even know them all. But I am certain from
some of those other ventures that he
This story ran on page G07 of the Boston
Globe on 10/02/99.
© Copyright 1999 Globe Newspaper Company.