Owner Prokhorov wanted to deliver immediate success, but plan has not worked.
The Brooklyn Nets reportedly suffered a $144m loss last season with their careless spending and neglect of the luxury tax real issues for the franchise.
Having sent coach Jason Kidd to the Milwaukee Bucks in exchange for two second-round picks on Monday, the Nets are starting to make changes, but ultimately their failure last year will likely have a significant impact on them financially.
Owner Mikhail Prokhorov and general manager Billy King have been accused of careless spending and neglect of the league’s luxury tax which has left the team significantly in the red.
Having moved to bring in the likes of Kevin Garnett and Paul Pierce to add to their roster which already included Brook Lopez and Deron Williams, the team’s payroll was $102.6m for the 2013-14 campaign.
Brooklyn’s pursuit of an immediate title under their Russian owner came at a staggering cost, and after a second-round playoff exit, it ended in failure on the court too which perhaps led to the decision to allow Kidd to leave.
According to HoopsHype, Brooklyn’s salary figures eclipsed that of the New York Knicks by more than $18m, and $22m more than the Miami Heat.
While the priority will still likely be to retain Pierce and Shaun Livingston this summer, Prokhorov has never been known for his financial prudence, and with such vast wealth behind him, he is likely to continue in his pursuit of bringing an NBA championship to the Barclays Center by any means necessary.
However, continued neglect of the financial aspects of the organisation could lead to more significant problems if the Nets are unable to deliver next season.