August 17, 2022

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NBA fines Warriors co-owner Joe Lacobe $500,000 after calling luxury tax system 'unfair'

NBA fines Warriors co-owner Joe Lacobe $500,000 after calling luxury tax system ‘unfair’

Warriors owner Joe Lacob was fined $500,000 Wednesday after he made comments critical of the NBA’s current luxury tax system. (Theron W. Henderson/Getty Images)

The NBA imposed a $500,000 fine on the owner of the Golden State Warriors Wednesday over comments he made against the league’s current luxury tax system, according to ESPN’s Adrian Wojnarowski.

On a recent episode of the “Point Forward” podcast, Lacob said the luxury tax is part of a “very unfair system.”

Lacope was fined because the NBA does not allow team owners or officials to discuss “unauthorized communications in connection with collective bargaining.”

The Warriors paid an NBA record over $170 million in luxury tax and $346 million in gross salaries last season, something that turned heads in the league, especially after winning their fourth NBA title in eight seasons.

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Lacob told Point Forward hosts Andre Iguodala and Evan Turner that this system is unfair and that it punishes them.

“The hardest thing of all is dealing with this luxury tax, unfortunately,” he said. Via NBC Sports. “I’m back in New York this week for business meetings. I’m on the committee. And you know, obviously the league wants everyone to have a chance and right now, there’s a certain element out there that thinks we’re ‘winning a checkbook’, we won because we had the most salaries. in our team.

“The truth is we’re only $40 million more than a luxury tax. Now, that’s not small but it’s not a huge number. We’re over $200 million in total because most of that is an incredibly punitive luxury tax. And what I consider to be unfair and I’m going to say in this podcast I hope it comes back. For those who are listening… It obviously helps me to say this, but I think it’s a very unfair system because our team was built – all the top eight players were drafted by this team.”

While Wiggins hasn’t been drafted, Lakop says his team has been basically developed from the ground up.

“If you’re developing your guys and paying Steve Curry what he’s worth and Clay Thompson what he’s earned, why would I pay $200 million in luxury tax? I don’t think that’s fair,” he said.

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The National Basketball Association (NBA) has increased its salary cap by more than $10 million for next season to $123,655 million. The Warriors paid out approximately $176 million in salaries last season, which was more than $39 million above the salary cap.

Warriors’ extravagant bill won’t go away. next season, According to ESPN’s Bobby Marks,they can pay between $181 million and $200 million.