jswede wrote:HurricaneKid wrote:jswede wrote:
https://www.forbes.com/sites/kurtbadenhausen/2017/01/27/how-lebrons-cavaliers-lost-an-nba-high-40-million-last-season/#2c7dcb117699
Explain why it isn't so.
All NBA teams are privately owned which means the only financial information we have is the information they provide us. It is perfectly legal to write off depreciation on an asset even if it is appreciating in value at 30% a year. Without the books stated income means absolutely nothing. This point was widely made when ownership cried poor at the last CBA and the players were not allowed access to their complete books. And cash heavy industries like sporting events are even more difficult to verify true income levels on.
Um, the 185mil they spent last year was not provided by the team. It was public.
Player salaries are public. Revenues are not. Saying you can verify expenses so you know what a balance sheet looks like when you have no idea what income streams they even have much less accurate totals is the height of hubris.