Nets Spent $2.75M on Draft Night

Mar 30, 2012; New Orleans, LA, USA; Kansas Jayhawks guard Tyshawn Taylor addresses the media at a press conference the day before the semifinals of the 2012 NCAA men's basketball Final Four at the Mercedes-Benz Superdome. Mandatory Credit: Richard Mackson-US PRESSWIRE

In another indication of Mikhail Prokhorov's willingness to spend, league sources say the Nets paid out $2.75 million on Draft Night to secure the draft rights of Tyshawn Taylor, taken at #41, and Toko Shengelia, taken at #54. The Nets paid the Trail Blazers $2 million for Taylor's rights and the 76ers $750,000 for Shengelia's. In both cases, the Nets had the other team make their pick, then immediately bought the draft rights.

In addition to the money spent on the rights, the Nets paid Shengelia's Belgian team a $300,000 buyout and gave both players guaranteed two-year deals, knowing that they would have to pay dollar-for-dollar luxury taxes on both. Taylor and Shengelia will be paid $473,604 in their first year and $788,872 in the second for a total of $1,262,476 ... plus an equal amount in luxury taxes. The Nets were under no obligation to sign either to a guaranteed deal.

Bottom line, the Nets committed $4.5 million to signing Taylor in draft rights playment, salary and luxury taxes and $3.6 million to signing Shengelia in draft rights payment, buyout, salary and luxury taxes, or a grand total of more than $8 million.

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