Brooklyn Nets finalize contract extension for GM Billy King
The Brooklyn Nets have announced a contract extension with GM Billy King.
After the Brooklyn Nets won 49 games in their first year in the franchise's new home and secured the No. 4 seed, they've decided the architect of the team deserves to stick around a bit longer. GM Billy King, who was in the last year of a three-year deal with the team, has agreed to a multiyear contract extension with the organization.
The Brooklyn Nets have signed General Manager Billy King to a contract extension, it was announced today by Principal Owner Mikhail Prokhorov. Per team policy, terms of the contract were not released.
"Billy has been a great asset to the Nets organization over the last three years”, Mr. Prokhorov said on behalf of the entire Nets organization. “He has shown he is not afraid to be bold and take risks, and, as a result, we have a playoff team with a world of potential. We are glad we will have the opportunity to continue our work together and realize that potential."
"I am anxious to continue working hard for Mikhail Prokhorov and the Brooklyn Nets”, said King.
King, who was named general manager of the Nets on July 14, 2010, presided over a team that posted a 49-33 record in the franchise’s inaugural season in Brooklyn, matching the second best record in Nets’ history, while making their first postseason appearance in six seasons.
This contract extension is clearly a reward for the work King has done in rebuilding this team and turning them into a playoff-caliber roster in their first year in Brooklyn, but it's hard to see how the team will be able to work within the confines of the Collective Bargaining Agreement moving forward.
The Nets are projected to be over the luxury tax and luxury tax apron this season, next season, and the season after that. Being a repeat luxury tax payer like this will not only cost the team money, but it will also mean they are limited in trying to add to the roster with certain exceptions (bi-annual, midlevel, etc.) and sign-and-trade deals. The Nets may have to scrap the hopes of being a title contender with this roster and just be happy raking in playoff revenue.
However, if they can find a way to move someone like Kris Humphries and his $12-million contract that expires after next season, then they may be able to add depth to their roster and circumvent the difficult restrictions the luxury tax puts on roster flexibility.
Brooklyn is enjoying the spoils of a brand new basketball arena, some of the best branding in the NBA in terms of merchandising, and a roster that is all but guaranteed to make the playoffs year in and year out. King has taken what was becoming a defunct franchise and used the resources from owner Mikhail Prohkorov to turn the team around. We just don't know if that will mean championship for them any time soon.
