The Brooklyn Nets are set to pay a record $90.57 million in luxury taxes for the 2013-14 season, sources tell ESPN.com.
The team was hit with penalties for splurges they made last season, including with the acquisitions of Paul Pierce and Kevin Garnett. Their salary total and luxury taxes reached $197 million, making them just the fourth to pay more than $90 million in taxes since its inception in 2001.
Aside from the Nets, there were five teams paying luxury taxes — 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).
In an audit memo sent to teams Wednesday (July 9), other info includes salary cap increases. It was set at $63.065 million, a 7.5 percent increase from last season, slightly less than the $63.2 million estimation teams had been using. 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. And, the luxury tax was estimated to increase to $80 million for the 2015-16 season.
Additionally, max salaries have gone up. New values are as follows: $14.7 million for players with 0-6 years of experience, $17.7 million for players with 7-9 years experience, and $20.6 million for players with 10 or more years in the league. So, LeBron James’ max would be $20.6 million under those terms.