NBA Increases Salary Cap By 0.6% to $58.04 Million for 2010-11 Season
The National Basketball Association increased the salary cap for the 2010-11 season by 0.6 percent to $58.04 million.
Last year, the league lowered the amount teams can spend on pay to $57.7 million from $58.68 million the previous season.
Teams will be levied a $1 tax for every $1 they spend on pay above $70.31 million, up from $69.92 million last season, the NBA said in an e-mailed statement.
The cap and tax level go into effect at 12:01 a.m. New York time, when teams can begin signing free agents and making trades.
Teams that exceed the salary cap can still sign one or more players for a total of $5.77 million under the so-called mid- level exception, while the minimum team salary is $43.5 million, or 75 percent of the salary cap.
Last year, the league lowered the amount teams can spend on pay to $57.7 million from $58.68 million the previous season.
Teams will be levied a $1 tax for every $1 they spend on pay above $70.31 million, up from $69.92 million last season, the NBA said in an e-mailed statement.
The cap and tax level go into effect at 12:01 a.m. New York time, when teams can begin signing free agents and making trades.
Teams that exceed the salary cap can still sign one or more players for a total of $5.77 million under the so-called mid- level exception, while the minimum team salary is $43.5 million, or 75 percent of the salary cap.