NYNNew York Nets

Franchise history

The New York Nets' lone NBA season came in 1976-77, after the ABA-NBA merger absorbed the franchise along with three other ABA teams. The merger terms hit the Nets especially hard: on top of a league entry fee, owner Roy Boe owed the Knicks a large territorial indemnity for playing in their home market. Unable to cover it while also honoring a promised raise for star forward Julius "Dr. J" Erving, Boe first tried trading Erving to the Knicks to offset the fee; when that fell through, he sold Erving's contract to the Philadelphia 76ers for roughly $3 million just before the season opened.

Gutted of its best player, New York effectively wrote off the season. Point guard Nate Archibald broke his foot in January, and the team finished 22-60, worst in the NBA. Weak attendance on Long Island and the Knicks indemnity payment led Boe to move the franchise to New Jersey for 1977-78, becoming the New Jersey Nets.

Sources

• History of the New Jersey Nets — Wikipedia
• Re-Visiting The Nets Sale of Dr. J and Their Tiny Replacement — Hoops Analyst