In a story filed by Zach Lowe of Grantland, the Wizards will lose $13 million once "luxury-tax distribution and revenue-sharing payments are finalized."
The cost of that loss could be offset by the Ted Leonsis' ownership stake in the Verizon Center, but the organization is not benefiting from the revenue sharing the way that other teams, even smaller market ones, are gaining.
The media deal, lack of national coverage/interest and the burning off of some Bad Era deals certainly enforced a waste of money.
Hopefully with the last of the big wasteful contracts going away and some national attention due to the playoff run last year, it will be better next year. But the team operating poorly on this level is embarrassing.
Sounds bad right? It could be worse, you could be the Brooklyn Nets, who lost a whopping $144 million.Tags: Basketball, NBA, Washington, Washington Wizards