The Cavaliers Lost $40 Million USD Last Season Despite Winning Championship

And Bron wants Dan to spend more.

By
Sports
7,545 Hypes 0 Comments

According to Forbes, the Cleveland Cavaliers lost $40 million USD last season “in the sense of earnings before interest, taxes, depreciation and amortization.” For the 2015-2016 season, Cavs Owner Dan Gilbert racked up a $115 million USD payroll that triggered a $54 million USD luxury tax bill. Add in benefits, cash involved in trades and more, and Gilbert spent roughly $185 million USD last season on his roster.

Gilbert has been committed to doing whatever’s necessary to bring championships to the city of Cleveland, from signing LeBron James to a league-high contract this summer worth $64 million USD over two years, to Tyronn Lue’s agressive five-year, $35 million USD contract. Even then, LeBron thinks much more should be done this season, as the superstar forward has been in the news quite a bit lately suggesting the team needs new bodies if they want to compete for the title once again.

“It was the second biggest outlay in the history of the sport behind only the Brooklyn Nets’ ill-fated $205 million USD 2013-14 season, which included a $90.6 million USD luxury tax,” said Forbes. The Nets lost $99 million USD and eventually fell out of the playoffs that year, and have since been at the bottom of the Eastern Conference standings.

Even with the new, lucrative television deals in place this season, the Cavs are likely headed for another huge operating loss. Luckily for them, their owner is worth $5.1 billion USD and can absorb the financial losses, but can his spending buy another ‘chip is the question.

Read Full Article

What to Read Next

Nike Gives An "Ultra" Twist to the Popular Air Max Tn Model
Footwear

Nike Gives An "Ultra" Twist to the Popular Air Max Tn Model

An updated return.

TDE's SiR Releases New Single “Ooh Nah Nah,” Announces 'Her Too' EP
Music

TDE's SiR Releases New Single “Ooh Nah Nah,” Announces 'Her Too' EP

TDE’s newest signee is back with another.

Dana White Basically Says Mayweather vs. McGregor Isn't Happening
Sports

Dana White Basically Says Mayweather vs. McGregor Isn't Happening

Looks like history and wallets will have to wait.


Saucony Grid 8500 "Weave" Takes Cues From Its Siblings
Footwear

Saucony Grid 8500 "Weave" Takes Cues From Its Siblings

Mixing the Grid 8000 and Grid 9000.

Marshawn Lynch Visited Houston, Scotland to Talk Football, Skittles and Kilts
Sports

Marshawn Lynch Visited Houston, Scotland to Talk Football, Skittles and Kilts

“I ain’t seen no castle before.”

adidas Y-3 Teases Brand New Silhouettes in Its 2017/2018 Holiday Collection
Footwear

adidas Y-3 Teases Brand New Silhouettes in Its 2017/2018 Holiday Collection

Featuring a triple black PureBOOST and more.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.