Somehow, The Cavs Lost $40 Million Despite Winning The Championship Last Year

Via Forbes:

The reality is that owner Dan Gilbert has spent money at almost an unprecedented level. Last season’s $115 million payroll triggered a $54 million luxury tax bill. Add in benefits, cash involved in trades and the team’s share for total NBA player costs to reach the mandated 51% of leaguewide revenue and Gilbert spent roughly $185 million last season on his roster.

Gilbert’s massive commitment to spend whatever’s necessary to win a title led to a loss of $40 million last season by Forbes’ count in the sense of earnings before interest, taxes, depreciation and amortization … Their loss was nearly four times greater than any other franchise, despite the windfall from hosting 10 playoff games.

Wait wait wait wait

how is that possible homer.gif

I was hard on Lebron’s side that the Cavs needed to add another piece this season. In a basketball sense, they do. But Mr. Gilbert, Dan if I may, it’s time to get out of this deal. Somewhere along the line I was told that Dan Gilbert’s net worth went up 1/4 billion dollars when Lebron signed there. You’re losing money? Nah, get out the business my man. If you’re not flipping a profit after a championship, when will you?

Side note, Forbes is up there with Google and Amazon where I blindly trust everything they say. Like anything with numbers or business that Forbes say, I just assume it’s a concrete fact.

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