Brooklyn Nets to have insane tax bill

by Paul Raymond | Posted on Thursday, August 1st, 2013

The Brooklyn Nets have been spending and trading like there is no tomorrow this off season. They’ve turned into the NBA’s version of the New York Yankees from five years ago. Need help go get it, who cares about the cost. Well come next off season owner Mikhail Prokhorov will care once the luxury tax bill arrives and they still don’t have a championship.

Before this week’s addition of Alan Anderson for a mere $947,907, Brooklyn was over the luxury-tax threshold by $29,515,102 … which projected to a 2013-14 luxury tax of $82,939,184.

Now?

Adding Anderson on a minimum deal nudges those figures to $30,463,009 … and a mind-numbing $87,199,293. (ESPN.com)

Yes, that’s right. They signed a guy for just under $1 million but will pay about $3 million more in taxes on his contract. That’s how far over the cap the Nets are next season.

That bill is just completely unprecedented. If there are no other moves they’ll pay about $87,199,293 when the salary cap is just $58.7 million. So basically they’re tax bill will even be bigger then the cap.

When you combine salary and tax bill they’ll spend about $189 million, which is the threshold for next years MLB luxury tax. They’re spending all that for a roster of 15 guys.

They better win a championship spending like that.

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