Connect with us

Sportswire

Nets reportedly lost significant amount of money this season

Along with the Los Angeles Lakers, the Brooklyn Nets were the NBA’s most disappointing team this season. Now it appears that their failure is hitting the Nets where it really hurts — in the wallet. Brian Lewis and Josh Kosman of the New York Post reported Saturday that the Nets and their home arena Barclays…

The post Nets reportedly lost significant amount of money this season appeared first on Larry Brown Sports.

Kyrie Irving wearing his Nets uniform

Feb 1, 2020; Washington, District of Columbia, USA; Brooklyn Nets guard Kyrie Irving (11) during the second half against the Washington Wizards at Capital One Arena. Mandatory Credit: Tommy Gilligan-USA TODAY Sports

Along with the Los Angeles Lakers, the Brooklyn Nets were the NBA’s most disappointing team this season. Now it appears that their failure is hitting the Nets where it really hurts — in the wallet.

Brian Lewis and Josh Kosman of the New York Post reported Saturday that the Nets and their home arena Barclays Center lost between $50 million and $100 million combined during the 2021-22 season. That gives owner Joe Tsai perhaps the biggest financial losses in the NBA, the report adds.

Lewis and Kosman also say that the Nets ranked fourth in the league this year in gate receipts (a ticket sales metric) with an average of $2.1 million. But with a $174 million payroll, the Nets would have had to average roughly double that just to break even. On a related note, Brooklyn is also a luxury tax team (thanks in part to the max salaries for Kevin Durant and Kyrie Irving). That will saddle Tsai with a colossal $100 million tax bill.

The New York Post report contains other details about the factors that led to the Nets losing money this year, including Tsai’s decision to force out John Abbamondi, CEO of the team’s parent company. You can read the report in full here.

From a pure basketball standpoint, Brooklyn’s ticket sales were presumably affected by the significant turnover in their everyday lineup. Irving missed over half the season (most of them home games) due to being unvaccinated. Meanwhile, Durant missed 27 games because of injury, James Harden was a malcontent, and the guy that they got for trading Harden (Ben Simmons) was somehow even worse.

The end result was the Nets going just 44-38, needing to survive the play-in tournament to make the playoffs, and getting only two official home playoff games thanks to getting swept in the first round by the Boston Celtics. With Irving, Durant, and Simmons alone owed a combined $116.5 million next season and other problems looming as well, it may not get any easier in Brooklyn from here either.

The post Nets reportedly lost significant amount of money this season appeared first on Larry Brown Sports.

Click to comment

Leave a Reply

Your email address will not be published.

Recent

MLB2 years ago

The Greatest Sports Call in Broadcasting History

Kirk Gibson’s 1988 World Series home run was a baseball play that occurred in Game 1 of the 1988 World...

NFL2 years ago

Rob Gronkowski “Just Joking” About Having Bucs’ Playbook

Rob Gronkowski posted a note on social media Wednesday to make clear that he was just joking when talking about...

MLB2 years ago

MLB Proposes 3-Division 2020 Play Based on Geography

MLB is one of the games genuinely faithful to its legacy, however even they are thinking about radical changes because...

NHL2 years ago

NHL Eyes December to Start 2020-21 Season

The 2019-20 NHL season has been suspended for about a month and a half now as the world fights the...

NHL2 years ago

5 Greatest Hockey Players of All-Time

This list hasn’t changed in 20 years. I can’t envision the rundown changing at any point in the near future....

NFL2 years ago

NFL Draft Made These 3 Teams Playoff Contenders

The 2020 NFL Draft spoke to an open door for NFL groups to drastically improve their lists with the expectations...

NCAAF2 years ago

Trevor Lawrence Heavy Favorite to be #1 Pick 2021 Draft

The 2020 NFL Draft is in the books and the football world is as of now amped up for the...

MLB2 years ago

Fan Made Epic Fenway Park Map in Fortnite

The COVID-19 pandemic has forestalled avid supporters from getting a charge out of baseball for about two months. While baseball...

NBA2 years ago

Vegas: Dennis Rodman Potential Successor to Kim Jong-Un

There’s a great deal of disarray encompassing the soundness of Kim Jong-un, the 36-year-old Supreme Leader of Democratic People’s Republic...

NBA2 years ago

Blake Griffin Calls Out TMZ Coverage

Detroit Pistons star Blake Griffin was as of late an objective of TMZ, which posted a strange article about him...