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NBA

2021-22 NBA season, a sporting and financial disaster for Brooklyn Nets

According to the New York Post, the Brooklyn franchise’s sporting disaster has resulted in financial losses in the range of 50 to 100 million dollars.

Update:
2021-22 NBA season, a sporting and financial disaster for Brooklyn Nets
Mitchell LeffGetty Images

The Brooklyn Nets’ 2021-22 season has been a disaster both in sporting and financial terms after the team were swept aside by the Boston Celtics in the first round of the Postseason(4-0).

Their early elimination could be considered as one of the biggest disappointments in the NBA’s history with the team dogged by instability and problems: Kevin Durant’s knee problems, Kyrie Irving’s refusal to get vaccinated, the disagreements between both players and James Harden who ended up being traded to the Philadelphia 76ers in exchange for a Ben Simmons who did not get to play because of back problems.

Brooklyn Nets guard Kyrie Irving
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Brooklyn Nets guard Kyrie IrvingRussell IsabellaUSA TODAY Sports

The lack of sporting success has hampered the Nets from getting close, or trying to get close, to the dominance of the NY Knicks in the lucrative ‘Big Apple’ market and according to The New York Post, the losses for the Nets and the Barclays Center are in the range of “between $50 million and $100 million” with the Nets valued at $3.2 billion.

Nets’ need for sporting success

A current situation that could become unsustainable if the sporting results do not improve considerably after the Nets spent 267 million on their roster this season with 169 going on salaries and 98 on the luxury tax that is paid when the salary cap is exceeded. This marks the NBA’s highest salary outlay with the exception of the Golden State Warriors, who pay 346 million (176 million in salaries and 170 million in luxury tax). At least the Warriors can claim to have advanced to the Conference semi-final and are firm favourites to progress in their series against the Grizzlies (tied 1-1).