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STERN'S NET OUTLOOK: GET YOUR ACT TOGETHER
Published April 25, 1996
At the NBA Board of Governors meeting yesterday, Commissioner David Stern stated even if the Nets ownership decides not to sell the team, there should be "a restructuring in ownership and its mode of operations," according to the N.Y. POST's Fred Kerber. Stern: "We're not pressuring them to sell. We just want them to act decisively because it's in the best interest of the franchise and the fans." Stern, who urged Nets ownership to reach concrete decisions regarding the franchise's future by the end of this week, expressed concern with the fact that the team has seven owners who are often moving in different directions. Stern: "To me, this franchise needs to speak with a single voice, be definitive and move forward. That's what I'm urging them to do." Kerber: "You might as well ask for a cure to the common cold" (N.Y. POST, 4/25). OTHER NBA BIZ: Stern also announced before the Board that the $130M sale of the 76ers from Harold Katz to Comcast Corp. has been officially approved. Stern: "It was swift and unanimous. It's good to have happy new owners" (PHILADELPHIA INQUIRER, 4/25). John Smallwood of the PHILADELPHIA DAILY NEWS writes that, "surprisingly," Katz has "become comfortable" with losing the Sixers. Katz, who nearly broke down when announcing the sale of the team he had owned since '81, will make an $118M profit on the sale. Katz: "What do I do now? I count the cash. How long will it take? I don't know, I've never had that much money to count" (PHILADELPHIA DAILY NEWS, 4/25).