This morning's reports varied as to the likelihood the
Nets would be sold to a group of NJ business execs. In
Newark, Sterling & Chambers report that the NJ group led by
Stan Gale and Fin Wentworth must put together an investment
package by Tuesday, "or risk losing a deal that could mean
moving the team to a new arena in downtown Newark by 2003."
Sources close to the negotiations said yesterday that Nets
ownership is "adamant" about the deadline. One source said,
"They don't want to extend the option. They'll either have
to put money on the table or no deal" (STAR-LEDGER, 6/26).
But John Brennan of the Bergen RECORD reports that the team
"appears likely to be sold within the next week" to the
group, and that both the Nets and the Devils could move to
Newark (Bergen RECORD, 6/26). In N.Y., Steve Popper reports
that Don Unger, who owns 4% of the Nets, said that he would
sell his shares "and attempt to exercise his right of first
refusal to purchase the team himself." Nets spokesperson
Howard Rubenstein said in a statement that "Unger has no
option to purchase" the team (N.Y. TIMES, 6/26).
