Paul Gaston Did Not Take His Salary Last Season

[Way Of The Ray <wayray@ix.netcom.com>]

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
                                last season

                                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
                                players.

                                ''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
                                season.

                                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
                                previous year.

                                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
                                game.

                                Gaston would make no public comment on his
                                decision to forgo his salary, which was
                                first reported by Street & Smith's
                                SportsBusiness Journal.

                                ''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
                                financially troubled.

                                ''Absolutely not,'' Pond said.

                                The Gaston family, including Paul's
                                father, Don, who passed control of the
                                team to his son, has other considerable
                                business ventures.

                                ''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
                                derives income.''

                                This story ran on page G07 of the Boston
                                Globe on 10/02/99.
                                © Copyright 1999 Globe Newspaper Company.