Brooklyn Nets to pay record $90M luxury tax *smfh*

[kingofnyc]

The Brooklyn Nets will pay a record $90.57 million in luxury taxes for the 2013-14 season, sources told ESPN.com.

The NBA released its audit to teams ahead of the start of the new fiscal year at midnight Wednesday and revealed the numbers, including the Nets' penalty for splurging after trading forPaul Pierce and Kevin Garnett last year. In all, the Nets paid more than $197 million in salaries and luxury taxes this past season. Only three other teams had paid more than $90 million in total

As part of the memo, the new salary cap was set at $63.065 million, a 7.5 percent increase from last season. That is slightly less than the $63.2 million estimation teams had been using. Revenues were $4.5 billion, up 5.3 percent from last year. The NBA also made an early projection of $66 million for the 2015-16 salary cap.

The new luxury tax line will be $76.8 million, a 7.1 percent increase from last season's $71.7 million. The luxury tax was estimated to increase to $80 million for the 2015-16 season.

Maximum salaries have gone up, as well. The new values are $14.7 for players with 0-6 years of experience, $17.7 for players with 7-9 years experience and $20.6 for players with 10 or more years in the league. LeBron James' max would be $20.6 million under those terms.

Overall, there were five luxury tax payers. The New York Knicks ($36.3 million), Miami Heat ($14.4 million), Los Angeles Lakers ($8.9 million) and Los Angeles Clippers ($1.3 million) also paid into a pool. Each non-taxpaying team will receive $3 million as part of the dispersal.
http://abcnews.go.com/Sports/nets-pay-record-90m-luxury-tax/story?id=24495940

more than 197 million when u add players salaries




for WHAT........... joe 'boring azz' johnson ; brook 'one foot' lopez ; deron 'ankles less' williams & 2 old nikkaz past their prime

breh -hire billy king as ur GM

 

[L&HH]

So why they take on Jarrett Jack?

 

[Ritzy Sharon]

Each non-taxpaying team will receive $3 million as part of the dispersal.

 

[Raquinotj]

He will be looking for Billy King in no Time.

 

[AJtheOne]

my squad

oh well Proky got money to blow

 

[I.V.]

Prokhorov actually didn't know that they were crossing this threshold, and it cost somebody their job. Pretty comical.

 

[Mr swag]

So why they take on Jarrett Jack?

Might try to dump Williams

 

[Big Boss]

 

[ORDER_66]

Luxury tax tho??? sounds like a goddamn scam.

 

[kash10003]

Luxury tax tho??? sounds like a goddamn scam.

revenue sharing

 

[kingofnyc]

Might try to dump Williams

u think anybody is willing to take on his guarantee 41million **coming double ankles surgery**

 

[C-NICE]

not feeling sorry for them I feel all these billionaire owners should pay that luxury tax instead of the players taking pay cuts to play for them in these sold out arenas

 

[Brozay]

Was there even a team in the league paying 90m as their salary?

 

[jwinfield]

not feeling sorry for them I feel all these billionaire owners should pay that luxury tax instead of the players taking pay cuts to play for them in these sold out arenas

 

[Mr swag]

u think anybody is willing to take on his guarantee 41million **coming double ankles surgery**

Gilbert and joe johnson contracts were moved