Brooklyn Nets early playoff exit is costing their owner millions / News - Basketnews.com

Credit: AFP, USA TODAY Sports - Scanpix Credit AFP, USA TODAY Sports - Scanpix

The Brooklyn Nets got swept in the Round 1 of the NBA Playoffs series against the Boston Celtics. However, these are not the only problems the club faces.

Points this season

48%112,7Points made:112,7Accuracy:47,6%Place in standings:8Record max:150Record min:91Best scorer:Kevin DurantTeamNBAStatisticsSchedule

According to Josh Kosman and Brian Lewis from the New York Post, the Nets owner Joe Tsai is losing millions of dollars due to the early playoff exit. Tsai lost between $50 million and $100 million combined in the 2021-2022 season alone, the sources tell the two journalists.

After giving out maximum contracts to Kevin Durant and Kyrie Irving, the Nets owner will end up paying the second-largest luxury tax bill in the league's history - roughly $100 million.

The Nets' average ticket income was $2.1 million per match, a 100% improvement from the last pre-pandemic season of 2018-2019. However, the New York Knicks still outsold them, averaging $3 million per game although their player payroll was 48% less.

To just break even, the Nets would have to earn as much as the Knicks do per game or even reach the no. 1 team in the league, the Golden State Warriors, who amassed a whopping $4.2 million per game.

According to the report, Tsai also personally had to invest another $30 million this year for Barclays, the company whose name the Nets home arena boasts, to make its municipal bond payments.

The current Nets owner bought the team in 2019 for a record $2.35 billion while also purchasing the Barclays Center where the team plays for an additional $1 billion. Although the Nets have increased overall revenue by 40% since then, there is still a long way to go.

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