Brooklyn Nets hit with a $12.88 million luxury tax bill for 2012-13

The Nets were hit with a $12.9 million luxury tax bill, but that's nothing compared to what they could be paying in upcoming years. AP Photo.

The Nets were hit with a $12.9 million luxury tax bill, but that’s nothing compared to what they could be paying in upcoming years. AP Photo.

The six NBA teams over the luxury tax threshold for the 2012-13 season were hit with their bills this week and the Brooklyn Nets had the third biggest tax bill in the NBA at $12,883,647, according to Marc Stein of ESPN.

The other five other tax-paying teams included the Los Angeles Lakers, the Miami Heat, New York Knicks, Chicago Bulls and Boston Celtics with the Lakers leading the way at $29.26 million. This is based on the tax amount for last season which were a dollar-for-dollar tax on everything above the threshold of $70.31 million.

Next season the tax threshold is set at $71.75 million and will come with much stiffer fines for exceeding the cap. The Nets, with a payroll at $101.26 million so far, are expected to have a luxury tax bill in the neighborhood of $75 million next year.

The following season could see their tax bill go even higher too as there will be additional penalties starting in 2014-15 for teams that are tax offenders in four out of fix seasons. The Nets were not tax payers during the 2011-12 season, but already have $68.3 million committed to the 2015-16 season which is likely to be their fourth season in a row over the threshold.

The Nets owner Mikhail Prokhorov has said in the past that he is serious about bringing a championship to Brooklyn and that money is no object. Let’s hope he means it because the Nets could end up spending more money than any other team, including the Lakers, over the next few years which will certainly test his patience.


Tagged:

Leave a comment

Your email address will not be published. Required fields are marked *