According to NBA.com, Miami Heat employees have agreed to take up to a maximum 20 percent pay cut to avoid layoffs for the 2009-10 season.

Though player salaries will not change, everyone else associated with Miami Heat basketball operations will take cuts, including team president and former 2005-06 NBA champion head coach Pat Riley and present head coach Erik Spoelstra.

This is the first time the Heat have had to take pay cuts since 2003 when a 10 percent cut was put into place because of a lack of revenue.

Despite having a playoff season under a first-year head coach and an average fan base per game above the league average last season, the Miami Heat has a tough financial road ahead of them.

(BusinessOfSportsNetwork.com)

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Carter Bryant is a staff member of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey.