Kobe Bryant, Tim Duncan, Kevin Garnett and the rest of the 2020 class will be enshrined in the Naismith Memorial Basketball Hall of Fame in May.

The Hall of Fame announced Friday that this year's ceremony has been rescheduled to May 13-15, 2021.

John Doleva, Hall of Fame President and CEO, acknowledged the "significant financial ramifications" of the change and noted the organization has cut several positions:

"These are people who have been a big part of the Hall's success in recent years; it hurts deeply. The decision to reschedule Enshrinement into May of next year, along with diminished museum guest visitation and a very uncertain future regarding our multiple collegiate and high school basketball events this fall, has forced us to make these very difficult decisions. Our goal now is to conserve resources so that we may stabilize in 2021 and return to our growth trajectory in 2022 and beyond."

The ceremony was originally going to take place Aug. 28-30 but was postponed because of the coronavirus pandemic.

Jerry Colangelo, chairman of the board of governors for the Hall, told ESPN's Jackie MacMullan in May that they had hoped to hold the induction ceremony from Oct. 10-12, but those dates were "not feasible."

The Mohegan Sun in Uncasville, Connecticut, will serve as the host site for the ceremony.

In addition to Bryant, Duncan and Garnett, members of the 2020 class include Tamika Catchings, Rudy Tomjanovich, Kim Mulkey, Barbara Stevens, Eddie Sutton and Patrick Baumann.