A consortium of NJ business execs that wants to bring
the Nets to Newark exercised its option to buy the team
yesterday, putting up $25M in cash toward a purchase price
of $150M, according to Guy Sterling of the Newark STAR-
LEDGER. Led by developers Stan Gale and Finn Wentworth, the
deal "involves a mix of new investors and several current
owners who will stay on as minority shareholders, and
ensures" that the Nets will remain in NJ. The team would
not identify the current owners staying in the new group.
The sale is contingent upon NBA approval. Sterling reports
that whether the Nets will move to an arena to be built in
Newark, remain at the Continental Airlines Arena "or
possibly move to another facility in the Meadowlands hasn't
been decided, and may take months to resolve" (Newark STAR-
LEDGER, 7/1). Philanthropist Raymond Chambers, a Newark
advocate, is also part of the group (Brennan & Fitzgerald,
RECORD, 7/1). In a statement, Gale and Wentworth said, "It
is business as usual" for the Nets (N.Y. DAILY NEWS, 7/1).
DEVILS MADE 'EM DO IT: In NJ, John Rowe writes that
"once again," Devils Owner John McMullen has the NJ Sports
and Exposition Authority "right where he wants it -- at his
mercy." The NJSEA "needs the Nets and the Devils. To make
a move to Newark, the Nets need the Devils. Sounds like
McMullen can win either way" (Bergen RECORD, 7/1).
