New York, NY, United States (4E Sports) – The Brooklyn Nets will have to dig deep into their pockets for trading for veterans Paul Pierce and Kevin Garnett last season.
The NBA announced that the Nets will pay a record $90.57 million in luxury taxes for the 2013-14 season as it released its audit to teams ahead of the start of the new fiscal year at midnight Wednesday.
Overall, there were five luxury tax payers, including the New York Knicks ($36.3 million), Miami Heat ($14.4 million), Los Angeles Lakers ($8.9 million) and Los Angeles Clippers ($1.3 million).
Each non-taxpaying team will receive $3 million as part of the dispersal.
In all, the Nets paid more than $197 million in salaries and luxury taxes this past season. Only three other teams had paid more than $90 million in total tax since its inception in 2001.
The NBA also set the new salary cap was set at $63.065 million, a 7.5 percent increase from last season. That is slightly less than the $63.2 million estimation teams had been using.
The league also reported that revenues were $4.5 billion, up 5.3 percent from last year. The NBA also made an early projection of $66 million for the 2015-16 salary cap.
The new luxury tax line will be $76.8 million, a 7.1 percent increase from last season’s $71.7 million. The luxury tax was estimated to increase to $80 million for the 2015-16 season.
The NBA added that maximum salaries have gone up, with players with 0-6 years of experience pocketing $14.7, $17.7 for players with 7-9 years experience and $20.6 for players with 10 or more years in the league.