REPORT SAYS NJ GROUP WILL BUY NETS AND MOVE THEM TO NEWARK

          A group of NJ businessmen "will probably exercise an
     option to buy the Nets before a deadline of next Tuesday,
     with the intention of keeping the team in the state,"
     according to Steve Popper of the N.Y. TIMES.  An NBA
     official said that the group, led by Stan Gale and Fin
     Wentworth of the Gale-Wentworth Agency, and supported by NJ
     businessman/philanthropist Ray Chambers, Chair of the
     Amerlior Foundation, has an option to buy the team for
     $150M.  The official said that they will execute that
     option, which will give them about 65-70% of the team. 
     Popper: "For now, this deal puts an end to the speculation
     that the team would be sold and relocated to Long Island." 
     The Gale-Wentworth group's "primary goal will be to move the
     Nets to Newark and build a new arena."  The Nets had no
     comment (N.Y. TIMES, 6/25).  Nets President Michael Rowe
     told the Bergen RECORD, "We have some ownership issues that
     will be cleared up by July 1" (Bergen RECORD, 6/25).