This figure is from a confidential memo released by the NBA to all teams in early June. The Nets lost more money last season than any other team. Second on the list are the Washington Wizards, who lost $13 million.
That’s right. The Nets lost $131 million more than any other team. Ouch!
There are several reasons for these shocking figures. One is the exorbitant luxury tax bill that the Nets paid for signing a bunch of over-the-hill players. The Nets also don’t get any money from revenue sharing because of the market they play in.
While the Nets were deep in the red, the Los Angeles Lakers ($100.1 million) led the way in terms of profitability.