Report: Nets, Barclays Center lost between $50 million and $100 million during the season

Along with the Los Angeles Lakers, the Brooklyn Nets have been the NBA’s most disappointing team this season. Now, it looks like their failure is hitting the Nets where it really hurts — in the pocketbook.

Brian Lewis and Josh Kosman of the New York Post reported on Saturday that the Nets and their home arena, the Barclays Center, lost between $50 million and $100 million combined during the 2021-22 season. That gives owner Joe Tsai perhaps one of the biggest financial losses in the NBA, the report adds.

Lewis and Kosman also say the Nets ranked fourth in the league this year in gate receipts (a measure of ticket sales) with an average of $2.1 million. But with a payroll of $174 million, the Nets would have had to average about double that just to break even. On a related note, Brooklyn is also a luxury tax team, thanks in part to the maximum salaries of Kevin Durant and Kyrie Irving. This will land Tsai with a colossal $100 million tax bill.

The New York Post report contains further details on the factors that led the Nets to lose money this year, including Tsai’s decision to eject John Abbamondi, CEO of the team’s parent company. You can read the full report here.

From a purely basketball perspective, Brooklyn’s ticket sales were likely impacted by the heavy turnover from their daily lineup. Irving missed more than half the season, most of them home games, because he wasn’t vaccinated. Meanwhile, Durant missed 27 games through injury, James Harden was upset, and the guy they got for trading Harden, Ben Simmons, was even worse.

The end result was the Nets went just 44-38, having to survive the Qualifying Tournament to make the playoffs, and only getting two official playoff games at home thanks to their first-round sweep by the Boston Celtics. With Irving, Durant and Simmons alone owed $116.5 million next season and other issues looming as well, it might not get any easier in Brooklyn from here either.

Sports Grp1

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