New York Sports Ventures (NYSV), which recently
completed its purchase of the Islanders, is involved in
"serious discussions" to purchase the Nets for $150-200M and
return the NBA team to Long Island, according to Valenti,
Logan, et al. of NEWSDAY. The deal would provide NYSV with
another tenant for Nassau Coliseum and "bolster its bid to
persuade" Nassau County officials to support a new $200M
arena. NYSV co-Owner Howard Milstein met yesterday with
Nassau County officials regarding the development of a 70-
acre Coliseum site, but NEWSDAY reports that those
negotiations "appear to have slowed" in recent weeks. Also,
sources said that Milstein has had "preliminary talks" with
Mets Owner Fred Wilpon about moving the Isles "and the Nets,
if that deal can be completed," into the Mets' planned multi-
use stadium. Nassau officials said that the Isles "are
bound" to their Coliseum lease through 2015, but a Mets exec
"confirmed" that talks had taken place, and said Wilpon also
had "been in contact with" the Nets about the team "playing
some games and possibly all" at the proposed new facility.
Nets spokesperson Howard Rubenstein confirmed the team has
had discussions about a "possible move" to Long Island but
declined comment about a possible sale. NYSV spokesperson
Gary Lewi said that Milstein had been involved in "serious
discussions" with Nets ownership (NEWSDAY, 5/8).
MORE: Sources said that the Nets' lease at Continental
Arena with the NJ Sports and Exposition Authority (NJSEA),
which runs through 2021, contains an option to leave the
facility following the '99-2000 season "without financial
penalty." The option "would have to be exercised" by January
1, 2000, and "would be the Nets' last chance to break the
lease without penalty." NEWSDAY also reports that Nets reps
"contacted" MSG officials about playing home games there
"until a move from the Meadowlands can be finalized." MSG
spokesperson Barry Watkins declined comment (NEWSDAY, 5/8).
In N.Y., Tracy Connor reports three scenarios are being
discussed between the NYSV and the Nets: one "involves [NYSV]
buying the Nets outright;" another has the Nets owners
keeping "a third of the team;" and the third would have the
Nets owners "also getting a piece" of the Isles. A NYSV
spokesperson the group "hopes to nail down a deal for the
year 2000 in the next 60 days" (N.Y. POST, 5/8). A possible
Nets move was front page news in today's N.Y. POST, carrying
the banner headline, "Escape From New Jersey" (5/8).
