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The Lakers Mere $29 Million Luxury Tax Bill Becomes a Reality

asaasYou have to respect the Lakers’ management for giving last year’s team a go, well knowing that they would be receiving a tax bill in the $30 million range this July. Well, the time has come to pay the piper, and the Lakers received that luxury tax bill to the tune of $29.26 million for their underperforming 2012-13 roster. The Lakers have until July 24th to pony up the large amount.

According to ESPN:

The figures, distributed late Tuesday to the league’s 30 teams, reveal the Miami Heat ($13.35 million), Brooklyn Nets ($12.88 million), New York Knicks ($9.96 million), Chicago Bulls ($3.93 million) and Boston Celtics ($1.18 million) join the Lakers ($29.26 million) in facing tax bills for their 2012-13 payrolls.

Imagine having a terribly disappointing season and then having to sign the check on this one? Insult to injury. And no, I do not feel bad for the Lakers at all, they rolled the dice and lost.

The money will be used for a good cause, sort of.

Fifty percent of the total tax of $70.57 million paid by the six teams will be used to fund revenue sharing for the 2012-13 season, according to the 2011 labor agreement. The remaining 50 percent will be distributed in equal shares to each non-taxpaying team.
Sources told ESPN.com that each non-taxpaying team will thus receive 1/24th of $35.28 million, or $1.47 million per team.