Not only did the Brooklyn Nets underachieve and underwhelm in the 2021-22 season, but they could also be on the receiving end of one of the biggest financial losses in the NBA.
According to Josh Kosman and Brian Lewis of the New York Post, the Nets and Barclays Center “lost between $50 million and $100 million combined in the 2021-22 season.” Their massive payroll after giving Kevin Durant and Kyrie Irving the max contracts are partly to blame since they basically did not earn enough to cover their expenses.
The Nets averaged the fourth-highest gate receipt in the past season with $2.1 million per game. While it was an improvement from their 2018-19 numbers–which is the last full season before the pandemic–it is worth noting that they needed to double those and at least match the Golden State Warriors' numbers to even break even.
That poor performance was a big reason why owner Joe Tsai fired Brooklyn Sports Entertainment CEO John Abbamondi from his post, believing he is not innovative enough to turn things around on a financial standpoint.
To break even, considering the payroll, the Nets needed to drive revenue on par with the Knicks or Warriors — who have a similar payroll to the Nets, but are No. 1 in gate receipts per game at $4.2 million, which doubles Brooklyn’s average, the NBA source said.
Tsai wanted better results and became unhappy with Abbamondi for not hitting off-court numbers that were as robust as the Warriors’ despite spending like Golden State, sources said.
It's certainly double whammy for the Nets as they face plenty of questions on and off the court. Aside from figuring out a way for the team to get over the hump and win a championship, the team also has to take care of the business side and make sure they can continuously support the franchise financially to keep competing.