Basketball / Sports

Despite lousy season, Lakers are NBA's most profitable team

The Los Angeles Lakers are coming off their worst season since moving from Minnesota, winning only 27 games while All-Star guard Kobe Bryant sat out all but six with multiple injuries.

Despite a miserable campaign, the Lakers were the most profitable franchise in the NBA--by a large margin.

According to a memo distributed to teams by the NBA, the Lakers project to earn a $158.3 million profit for the 2013-14 season, before tax and revenue sharing.

The Chicago Bulls, second on the list, earned less than half that amount, at $75.7 million. The Los Angeles Clippers were seventh at $30.4 million. The Brooklyn Nets were the least profitable with a loss of $51.5 million, before tax and revenue sharing.

The Lakers will also pay $8.7 million in luxury taxes and contribute $49.6 million into NBA's revenue sharing, reducing their profits to $100.1 million--which is still $38.5 million ahead of the Bulls' net of $61.6 million.

The Nets will pay a $90.1-million tax bill, along with $2.7 million in revenue sharing, resulting in a massive $144.3-million loss.

The New York Knicks will pay $34.8 million in taxes and $26.7 million in revenue sharing, dropping their $58.1-million profit to $3.4 million in losses.

The Clippers, first-time taxpayers, gave up $1.4 million in taxes and $7.2 million in revenue sharing, netting $21.7 million.

The Memphis Grizzlies will receive a league-high $23.1 million in revenue sharing, followed by the Charlotte Hornets (formerly the Bobcats) at $22 million.

Twenty-one teams project to finish with a positive cash flow, up from 17 before taxes and revenue sharing.

(c)2014 Los Angeles Times

Visit the Los Angeles Times at www.latimes.com

Distributed by MCT Information Services


Comments

blog comments powered by Disqus