Nets GM King says money was a factor in not re-signing Paul Pierce

After reportedly swallowing a $144 million loss in basketball operations, the Brooklyn Nets finally wised up this offseason..

Case in point: Paul Pierce.

Pierce played a significant role in the Nets' sixth-place finish in the Eastern Conference last season, but opted to sign with the Wizards this offseason for a two-year deal worth $10 million. Brooklyn was interested in re-signing Pierce, just not at a that price, Nets GM Billy King told the New York Daily News.

King said money was a factor in not matching the $5 million-per-season offer from the Wizards (the Nets saved roughly $20 million in luxury tax fees), but also they "moved on" from Pierce after getting early hints that the future Hall of Famer was headed elsewhere.

As noted above, Pierce's deal would have cost the Nets over $20 million next season when luxury tax considerations are factored in. The Nets paid almost $90 million in luxury taxes last season, the highest total ever footed by a team.