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Billy King Named Nets President

Billy King, the guy who more or less wasted $300 million of Comcast's money, now has a new sugar daddy whose money he can spend. Russian billionaire and Nets owners Mikhail Prokhorov.

King has been named the President of the New Jersey Nets.

Talking about Billy King again reminds me of the great Bill Simmons article "First Annual Atrocious GM Summit." He posed as Billy King.

I'm also a big fan of giving out absurd contracts that tie up your cap space, for three reasons. First, it drives the fans crazy and gets them talking about the team. Second, your fans won't complain that you aren't making any big moves, simply because you can't make any big moves, your lack of cap space prohibits you from getting quality guys unless they have baggage. And third, when people look back and try to put your reign in some sort of historical context, those salary numbers will jump out even more.

After the jump, Simmons details just where the $300 million King spent went... 

Just look at what I've done in Philly: Since we made the 2001 Finals, I gave Mutombo a $68 million extension even though he could have been, like, 48 years old for all we knew. I gave $35.5 million to Aaron McKie. I gave $29 million to Eric Snow. I gave $18 million to Greg Buckner. I gave $40 million to Kenny Thomas and $25 million to Brian Skinner. I gave $25 million to Kyle Korver and $60 million to Sam Dalembert last summer. That's $300 million of contracts to guys who were either on the decline or never that good in the first place. Plus, I traded for other bad contracts, guys like Keith Van Horn, Glenn Robinson, Kevin Ollie, you name it. And then, last February, the pinnacle -- dumping three bad contracts for C-Webb, who everyone thought couldn't be traded because of his contract and because he ran with a limp. Now we have an aging team built around two past-their-prime stars and our cap space is killed through 2008. And we completely wasted Iverson's prime, when he was one of the best players of his generation.