Lakers with 115M profit

 
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LaxT
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PostPosted: Wed Sep 20, 2017 12:59 am    Post subject: Lakers with 115M profit

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A confidential report shows nearly half the NBA lost money last season.

....But it was a wonderful season financially. The Lakers finished with a gargantuan $115 million profit as measured by net income even after writing a revenue-sharing check for almost $49 million, according to league accounting. That was the highest net income in the league by nearly $25 million. The biggest factor was the $149 million they took in from massive local media rights deals, primarily with Time Warner.

http://www.espn.com/nba/story/_/id/20747413/a-confidential-report-shows-nearly-half-nba-lost-money-last-season-now-what

A very informative article.
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LaxT
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PostPosted: Wed Sep 20, 2017 1:10 am    Post subject:

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How much the NBA's biggest stars actually earn

You'll notice that deductions from gross salary include federal, state and city taxes (and in Kyle Lowry's case, Canadian taxes), agent fees (assumed at 3 percent) and a maximum 401K contribution of $18,000. In the case of players who live in a no-income-tax state, you'll see that they are paying taxes -- so-called "Jock Taxes" from playing in other states.

....Note that only paychecks were analyzed here and not any additional revenue the players take in, such as endorsement income.

Florida, Texas and Tennessee have no state income tax. California is the only NBA state to tax players more than 10 percent. Canada also taxes players on the Raptors at a higher rate.

http://www.espn.com/nba/story/_/id/20715128/nba-player-salaries-take-home-pay

The highest paid ones get only half of the gross. Nobody keeps more than 17M. I wonder how tax works with endorsement income.
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Aeneas Hunter
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PostPosted: Wed Sep 20, 2017 4:24 am    Post subject:

Do you realize that there are already two threads on this topic in General, the second of which got moved out of this forum because it isn't Lakers related?
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Fortysixn2
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PostPosted: Wed Sep 20, 2017 5:19 am    Post subject:

LaxT wrote:
Quote:

How much the NBA's biggest stars actually earn

You'll notice that deductions from gross salary include federal, state and city taxes (and in Kyle Lowry's case, Canadian taxes), agent fees (assumed at 3 percent) and a maximum 401K contribution of $18,000. In the case of players who live in a no-income-tax state, you'll see that they are paying taxes -- so-called "Jock Taxes" from playing in other states.

....Note that only paychecks were analyzed here and not any additional revenue the players take in, such as endorsement income.

Florida, Texas and Tennessee have no state income tax. California is the only NBA state to tax players more than 10 percent. Canada also taxes players on the Raptors at a higher rate.

http://www.espn.com/nba/story/_/id/20715128/nba-player-salaries-take-home-pay

The highest paid ones get only half of the gross. Nobody keeps more than 17M. I wonder how tax works with endorsement income.


Unless espn has access to everybody's tax return then I don't think this is accurate. I'm sure these guys have better accountants than most of us, they don't pay those taxes...at least not most of them.
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70sdude
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PostPosted: Wed Sep 20, 2017 2:59 pm    Post subject:

Wheee, I'd love to have had a look at the personal services contracts for Mitch and Jim B, just to see if they's manage to tie their termination payouts to profits at all.
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lakersfever714
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PostPosted: Wed Sep 20, 2017 3:08 pm    Post subject:

That's why Time Warner Cable got bought out by Spectrum. They took a huge hit after signing that massive contract with the Lakers and then the Lakers started losing. It's almost like that big TV deal was a curse.
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splashmtn
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PostPosted: Wed Sep 20, 2017 3:43 pm    Post subject:

lakersfever714 wrote:
That's why Time Warner Cable got bought out by Spectrum. They took a huge hit after signing that massive contract with the Lakers and then the Lakers started losing. It's almost like that big TV deal was a curse.
but with that big hit. they are about to win again with mr ball at the helm.

then if rumors are true and we get PG13 and bron. dont let us also land westbrook.

All eyes on the lakers. It will actually be worse than it was when it was shaq and kobe. Since it would then be 3 nba stars (pg, bron, westbrook) and 3 for sure media stars (bron, westbrook, and ball).

Any money lost the past few seasons will be gained back in 2 seasons you watch and see.

and remember if it wasnt for the nixed cp3 deal. Time warner would've been perfectly positioned to cover a kobe, cp3, dwight team and a cp3 dwight + someone else team.
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hdtvset
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PostPosted: Wed Sep 20, 2017 4:37 pm    Post subject:

Confidential?
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lakersken80
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PostPosted: Wed Sep 20, 2017 4:56 pm    Post subject:

I have no problem with this since they barely made much money compared to other teams when they were winning championships....it evens out in the end for the organization. Unlike other owners, this is their primary source of income. The other owners are billionaires and have other sources of income outside of the NBA.
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fansincemagic
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PostPosted: Wed Sep 20, 2017 6:36 pm    Post subject:

Only Profit worth talking about is Laron. I miss us hyping him up for no reason.
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mad55557777
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PostPosted: Wed Sep 20, 2017 7:15 pm    Post subject:

lakersfever714 wrote:
That's why Time Warner Cable got bought out by Spectrum. They took a huge hit after signing that massive contract with the Lakers and then the Lakers started losing. It's almost like that big TV deal was a curse.

That Dodgers one is even worse,
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LALdynasty!
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PostPosted: Wed Sep 20, 2017 8:09 pm    Post subject:

fansincemagic wrote:
Only Profit worth talking about is Laron. I miss us hyping him up for no reason.


Kobe lite. I liked him.
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kobeandgary
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PostPosted: Wed Sep 20, 2017 11:21 pm    Post subject:

fansincemagic wrote:
Only Profit worth talking about is Laron. I miss us hyping him up for no reason.


That guy was pretty bad, not sure why anybody would hype him.
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Mamba Mentality
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PostPosted: Thu Sep 21, 2017 8:44 am    Post subject:

LALdynasty! wrote:
fansincemagic wrote:
Only Profit worth talking about is Laron. I miss us hyping him up for no reason.


Kobe lite. I liked him.


Straight up had a similar build and movement.
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Dr. Funkbot
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PostPosted: Fri Sep 22, 2017 8:54 am    Post subject:

That much profit and we still need the damn wish patches? I hate those patches.
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dcarter4kobe
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PostPosted: Sat Sep 23, 2017 10:24 pm    Post subject:

The Lakers have always been very profitable. Even more so not having large payrolls and not having to pay the luxury tax. Even without the playoff revenues.
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tox
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PostPosted: Sun Sep 24, 2017 12:31 am    Post subject:

kobeandgary wrote:
fansincemagic wrote:
Only Profit worth talking about is Laron. I miss us hyping him up for no reason.


That guy was pretty bad, not sure why anybody would hype him.

I like to think him tearing his Achilles subbing in for Kobe during the 62/3 game pushed away Kobe's Achilles injury for another 7+ years.
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Chad09
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PostPosted: Sun Sep 24, 2017 1:48 am    Post subject:

Dr. Funkbot wrote:
That much profit and we still need the damn wish patches? I hate those patches.


I thought the Lakers wouldn't do that patch crap because they got a massive TV deal from TW. Ugh.
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lakersken80
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PostPosted: Sun Sep 24, 2017 8:52 am    Post subject:

dcarter4kobe wrote:
The Lakers have always been very profitable. Even more so not having large payrolls and not having to pay the luxury tax. Even without the playoff revenues.


I don't think that is exactly true. While the Lakers have been the first to get new revenue streams, for example monetizing local sports on cable thru Prime Ticket, they always pumped that money back into the team. The Buss family didn't exactly live the high life off the Lakers versus somebody like Donald T. Sterling who treated the Clippers like a profit vehicle. The TW deal was another game changer for the organization but they didn't really get big rewards off of that deal until this year when their payroll was minimal compared to years past.
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LAkers 4 Life
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PostPosted: Sun Sep 24, 2017 6:47 pm    Post subject:

That explains why the Lakers weren't sweating the ridiculous fine by the NBA for Magic's comments. Here's a video of a couple of Laker reps giving the fine money to Herb Simon personally.
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