Pro Basketball Leagues Merge; New York to Retain Two Teams
https://www.nytimes.com/1976/06/18/archives/pro-basketball-leagues-merge-new-york-to-retain-two-teams-nba-votes.html June 18, 1976 By Sam Goldaper Special to The New York Times The New York Times Archives See the article in its original context from June 18, 1976, Page 1 Buy Reprints HYANNIS, Mass., June 17—The National Basketball Association and the American Basketball Association finally merged today into a 22‐team league. Four of the A.B.A.'s six teams —the New York Nets, the In diana Pacers, the Denver Nuggets and the San Antonio Spurs —have been absorbed into the N.B.A. and will play in the 1976–77 season. Each of these franchises will pay $3.2 million in cash to the N.B.A., with the first payment of $1 million due on July 15 and the remainder on Sept. 15. The Nets also must indemnify the Knicks for moving into their New York territory. The Nets play their games at Nassau Col. iseum in Uniondale, L.I. Mike Burke, president of the Knicks, said the indemnification would be “r...