Report: Nets, Barclays Heart misplaced between $50-100 million throughout 2021-22 season

Together with the Los Angeles Lakers, the Brooklyn Nets have been the NBA’s most disappointing group this season. Now it seems that their failure is hitting the Nets the place it actually hurts — within the pockets.

Brian Lewis and Josh Kosman of the New York Submit reported Saturday that the Nets and their dwelling area Barclays Heart misplaced between $50 million and $100 million mixed through the 2021-22 season. That offers proprietor Joe Tsai maybe one of many largest monetary losses within the NBA, the report provides.

Lewis and Kosman additionally say that the Nets ranked fourth within the league this yr in gate receipts (a ticket gross sales metric) with a median of $2.1 million. However with a $174 million payroll, the Nets would have needed to common roughly double that simply to interrupt even. On a associated word, Brooklyn can be a luxurious tax group, thanks partially to the max salaries for Kevin Durant and Kyrie Irving. That may saddle Tsai with a colossal $100 million tax invoice.

The New York Submit report comprises different particulars concerning the elements that led to the Nets shedding cash this yr, together with Tsai’s choice to pressure out John Abbamondi, CEO of the group’s mum or dad firm. You can learn the report in full right here.

From a pure basketball standpoint, Brooklyn’s ticket gross sales have been presumably affected by the numerous turnover of their on a regular basis lineup. Irving missed over half the season, most of them dwelling video games, attributable to being unvaccinated. In the meantime, Durant missed 27 video games due to harm, James Harden was a malcontent, and the man that they obtained for buying and selling Harden, Ben Simmons, was in some way even worse.

The tip consequence was the Nets going simply 44-38, needing to outlive the play-in event to make the playoffs, and getting solely two official dwelling playoff video games because of getting swept within the first spherical by the Boston Celtics. With Irving, Durant, and Simmons alone owed a mixed $116.5 million subsequent season and different issues looming as effectively, it might not get any simpler in Brooklyn from right here both.

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