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    Prokhorov Slam Dunked with $70 Million in NBA Luxury Taxes

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    Russian billionaire and owner of the National Basketball Association’s (NBA) Brooklyn Nets, Mikhail Prokhorov, is facing an astronomical $70 million luxury tax bill for surpassing the league’s team salary cap limit.

    WASHINGTON, July 11 (RIA Novosti) – Russian billionaire and owner of the National Basketball Association’s (NBA) Brooklyn Nets, Mikhail Prokhorov, is facing an astronomical $70 million luxury tax bill for surpassing the league’s team salary cap limit, USA Today reported.

    The NBA has set a team salary cap limit of about $58.6 million for the 2013-14 season and Prokhorov’s Nets have a projected payroll of about $98 million, meaning the team would have to pay nearly $70 million in luxury taxes according to the league’s new tax system USA Today reported on Wednesday. That comes to an almost $170 million team salary.

    The Los Angeles Lakers had the NBA’s highest luxury tax bill for the 2012-13 season, about $29 million.

    Prokhorov, who went on a $330 million spending spree last summer in present and future salaries to upgrade his team’s roster, is eager to win a championship.

    "We wouldn't have just spent this way if we didn't think it would help us advance our common goal of winning a championship. That's really what we're trying to do,” USA Today reported the Nets’ general manager Billy King as saying.

     

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    taxes, basketball, NBA, Mikhail Prokhorov
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