With negotiations between the Nets and NJ officials "on
hold" until after next month's elections, the Nets "already
have laid groundwork for a possible move/and or sale of the
team," according to Jon Gelberg of the Newark STAR-LEDGER.
Although Nets President Michael Rowe "insists" the team's
"first priority" is to stay at Continental Airlines Arena,
Gelberg wrote that "insiders familiar" with the situation
"confirmed the team already has drawn up a series of
contingency plans" which could result in the moving or
selling of the team once their current lease expires after
the '99-2000 season. The Nets are seeking "at least" $10M a
year in "additional guaranteed revenues," and Gelberg wrote
that they "already have been entertaining outside offers" to
buy or relocate the team. Team ownership "has expressed a
strong desire" to stay in the NY metro area, and "several"
NJ sites "have been scouted." In addition, the team
"reportedly has been looking" at a possible move to CT.
Gelberg added that the Nets' "resolve can be seen through
several recent deals and moves," including the fact that
they rent their new training facility; and the team's new
logo "makes no mention" of New Jersey (STAR-LEDGER, 10/19).
