Jazz finances not quite so bleak News Utah Jazz

Even though their payroll for next season currently stands at more than $73 million, not everything is as ugly as it may seem when it comes to the Jazz's checking account. When luxury-tax payments from seven teams (New York, Dallas, Cleveland, Boston, Portland, Phoenix and the Los Angeles Lakers) that exceeded the NBA's team payroll overspending threshold this past season were divvied earlier this week among the league's other 23 teams, the Jazz were on the receiving end of just more than $2.9 million. And on July 29, ESPN.com reported this week, the Jazz and every other NBA team will receive another $6,467,847. That money is their take from a little-known collective-bargaining-agreement provision in which up to eight percent of player salary is held in escrow throughout the season, and then ?

depending on whether league-wide Basketball-related income hits a preset level ? essentially is either redistributed to teams in equal shares or finally given to the players. This past season, because Basketball-related income was below projections, teams were the beneficiaries. Moreover, the Jazz will not have to contribute $363,087 to the escrow fund for next season. In all, for the month, that's nearly $10 million in either cash received or money that doesn't have to be spent ? funds, that is, the Jazz may want to save should they have to pay the luxury tax themselves next season. The tax system calls for teams to pay a $1 tax for every $1 they are over the threshold, which for next season is set at $69.92 million. If the Jazz retain restricted free agent Paul Millsap, sign a requisite 13th player next season and keep each of the 11 players they currently have under contract through the end of next season, they'd be facing a tax in the $10-to-$12 million range. CHARITY EVENT: Retired NBA center Shawn Bradley and Jazz players Millsap, C.J. Miles and Ronnie Price are among those scheduled to play today in a charity golf tournament at Thanksgiving Point in Lehi. The tourney, hosted by Jazz point guard Deron Williams and a project of Williams' Point of Hope Foundation, will benefit the Utah chapter of the Juvenile Diabetes Research Foundation. It is being held in memory of late Jazz owner Larry H. Miller, who died last February due to complications from type-2 diabetes. SIGNED: The Jazz on Friday announced that starting center Mehmet Okur formally signed the two-year contract extension they said on Thursday night had been agreed upon. "Signing him to a contract extension ensures us stability in our frontcourt," general manager Kevin O'Connor said in a statement released by the Jazz . The extension leaves Okur under contract with the team through the 2011-12 season, and according to ESPN.com, is valued at $20.8 million over two years. e-mail: tbuckley@desnews.com