Cleveland Cavs Have to Fork Over $54M in Luxury Tax
While the Cleveland Cavaliers continue to bask in their championship season, they got their luxury tax bill from the NBA... and it's big.
According to ESPN, owner Dan Gilbert will have to cut a check for $54 million to the league.
Obviously, the Cavs won, so money well spent?
Source said the NBA's annual audit confirmed that seven teams passed the $84.7 million tax threshold for the 2015-16 season... and it was Cleveland leading by a wide margin. For next season, a $94.1 million salary cap has been established.
In addition to the $54 million in luxury taxes Cleveland owes, three other teams have eight-figure tax obligations to settle, said the report. The Los Angeles Clippers owe $19.9 million in luxury tax, followed by the Golden State Warriors ($14.8 million) and Oklahoma City Thunder ($14.5 million).
The other three tax teams are the San Antonio Spurs ($4.9 million), Houston Rockets ($4.9 million) and Chicago Bulls ($4.2 million).