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THE BROOKLYN NETS REPORTEDLY LOST $144 MILLION LAST SEASON

THE BROOKLYN NETS REPORTEDLY LOST $144 MILLION LAST SEASON
The Brooklyn Nets are in organizational limbo following a swap that sent head coach Jason Kidd to the Milwaukee Bucks in exchange for two second-round picks, according to ESPN’s Chris Broussard and Marc Stein. However, Brooklyn’s problems aren’t limited to office politics and power struggles. Kidd’s departure aside, the Nets are in murky financial waters, according to Grantland’s Zach Lowe, who reports that owner Mikhail Prokhorov and general manager Billy King’s careless spending and neglect of the league’s luxury tax has left the team in the red to a massive degree: The basketball side of the Nets’ business is projected to have lost $144 million over the 2013-14 season, according to a confidential memo the league sent to all 30 teams in early June. (Grantland has reviewed and verified the memo with a half-dozen sources.) If that strikes you as out of whack, that’s because it is. The NBA expects nine teams will end up having lost money once luxury-tax distribution and revenue-sharing payments are finalized. The Nets, with that monster $144 million figure, are the biggest losers. Next in line? The Wizards, with projected losses of about $13 million. That’s right: The Nets lost $131 million more than any other NBA team last season. This is what happens when you pay $90 million in luxury tax for an aging roster and play in a market so large you are ineligible to receive any revenue-sharing help. Brooklyn’s pursuit of a title has come at a staggering cost, but that’s not surprising given how its books shaped up last season.