The Brooklyn Nets' basketball operations lost $144 million last season, by far the most in the NBA, according to Grantland's Zach Lowe. That figure is $131 million more than the next closest team, the Washington Wizards.
Nets lost $144 million last year, per report
Sometimes you have to spend money to not-make money.
Mike Stobe
This report comes shortly after Josh Kosman of the New York Post reported Nets owner Mikhail Prokhorov planned to trim spending in order to win a $1 billion valuation for the franchise. Prokhorov is reportedly worried the financial losses racked up last season will discourage minority bidders from spending enough for Bruce Ratner’s minority stake to get that valuation.
Prokhorov didn’t hold back when it came to spending on the roster last season, paying nearly $103 million in salary and about $90 million in luxury tax. With the team losing so much money on the basketball side, the owner would like to bring those numbers down a bit. The Nets are one of nine teams expected to lose money once tax distribution and revenue-sharing payments are finalized.
On the other side of the coin, the Los Angeles Lakers were the profit winners, and it was no contest. Despite going through arguably the worst season in franchise history, the Lakers are slated to rake in $100.1 million in profits. This also despite a $49 million payment for revenue-sharing. The Chicago Bulls were the second most profitable team, with $61 million in profits.
The Houston Rockets ($40.7 million), Boston Celtics ($33 million) and Oklahoma City Thunder ($29 million) round out the five most profitable teams.
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