NBA Hoops

Nets, Barclays Center Lost Between $50M-$100M During 21-22 Season

Nets, Barclays Center Lost Between $50M-$100M During 21-22 Season

The Brooklyn Nets and Barclays Center lost between $50 million and $100 million combined in the 21-22 season, sources tell the New York Post.

The Nets will pay approximately $100 million in luxury tax this season.

Joe Tsai has parted ways with John Abbamondi, the CEO of Brooklyn Sports Entertainment (BSE), the parent company of the Nets and Barclays Center, who announced in February that he would leave at the end of the season. 

Tsai felt Abbamondi was not innovative or data-driven enough, sources tell the New York Post.

“Joe is hands-on, hard-driving, and if you don’t fit with that, then he will keep going until he finds the person that fits,” a sports banker said.

The Nets’ average gate receipts this season were $2.1 million per game, fourth in the league. That was better than a 100 percent improvement over the $1 million per game during the last full pre-pandemic season in 2018-19, according to an NBA source. It also was the biggest jump in the league (the Suns were the only other team with a similar increase).

The Golden State Warriors have a similar payroll and luxury tax bill, but they are No. 1 in gate receipts per game at $4.2 million. 

Tsai will need to personally invest about $30 million this year for Barclays to make its municipal bond payments after paying $52 million the prior year.

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