Nets lost $50 million-$100 million in the 2021-22 NBA season

Nets lost $50 million-$100 million in the 2021-22 NBA season Joe Tsai

The Brooklyn Nets had the second-highest payroll in the 2021-22 NBA season behind the Golden State Warriors. The Warriors’ payroll was $346 million, whereas the Nets’ payroll was $267 million. Of course, Golden State’s luxury tax this season was $170 million. Based on Brooklyn’s $267 million amount, $98 million represented their luxury tax.

For another interesting side note, the Philadelphia 76ers’ payroll was $143 million. Both the 76ers and Warriors are still alive in the 2022 NBA Playoffs. Not to mention, the Nets were the favorites to win the Eastern Conference. To add insult to injury, they were swept by the Boston Celtics in the first round.

According to Josh Kosman and Brian Lewis of New York Post, the organization lost millions of dollars this season. “The Nets and Barclays Center lost between $50 million and $100 million combined in the 2021-22 season, giving Tsai perhaps the worst financial losses in the NBA, sources with close knowledge told The Post,” said Kosman and Lewis.

Furthermore, Joe Tsai bought the Nets for approximately $2.3 billion in 2017. In April 2018, he bought 49% of the team from Mikhail Prokhorov. Nowadays, per Forbes, the Nets are worth $3.2 billon. And Tsai’s net worth in 2022 is $8.54 billion.

Other NBA news and betting content for the 2021-22 NBA season is on the main page.

But the owner can only do so much to increase viewership, sell tickets and advertise other merchandise. The team’s underwhelming season is not solely Tsai’s fault. Maybe this season was an anomaly.

One problem led to another for the Brooklyn Nets

However, the Nets finishing 44-38 (.537), ranking seventh in the East, was still a major disappointment. Kyrie Irving missed 35 of the team’s 41 home games because he refused to receive the COVID-19 vaccinations. Did fans boycott in favor for or against Irving’s decision? Who knows! That’s just the tip of the iceberg.

As a player option, Irving is set to earn $36,503,300 in the 2022-23 season. He could become a free agent soon. Andre Drummond, Bruce Brown and Goran Dragic are all unrestricted free agents. If Tsai is aiming to cut the payroll while attempting to field a better team, good luck. The 2021-22 season is one he wants to forget.

Are the Knicks more popular than the Nets?

Additionally, another point to consider is the team’s competition. The New York Knicks were founded in 1946. Despite failing to return to the NBA Finals since 1999, they are still the state’s favorite professional basketball team. Spike Lee knows what’s up. Some fans are just more interested in watching the Knicks.

Nevertheless, after the James Harden trade, the Nets’ ratings on YES Network were higher than the Knicks on MSG Network. Based on one article from the New York Post, by the All-Star break, the Nets ranked second in the NBA in merchandise sales. But the Knicks are the league’s most valuable team, valued at $5.8 billion.

The Brooklyn Nets were founded as the New Jersey Americans in 1967. In the following year, the team moved to Long Island, New York, where they were renamed the New Jersey Nets. Fans were saddened when the team moved to Brooklyn in 2012. Older fans believe the Knicks will always be New Yorkers’ favorite NBA team.

Are injuries and COVID-19 to blame?

Throughout the 2021 offseason, trade drama involving Ben Simmons morphed into the No. 1 topic for the 76ers organization. While NBA trade rumors are terrific for clicks and ratings, fans were tired of hearing about it after a couple of months. On Feb. 10, the Nets went on to trade James Harden and Paul Millsap to the 76ers for Simmons. The guard never appeared in a single game for Brooklyn. Fans wanted to watch him play.

Plus, Kevin Durant missed 10 home games due to injuries. Moreover, how about the number of games players missed due to COVID-19? In December and January, the league delayed a few Nets’ games because too many players remained in health and safety protocols. Not even die-hard fans are as interested in watching the C-team play basketball. That should be reserved for the preseason. Star players are important. This was the perfect recipe for lost revenue.