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Three Nets Owners Met To Discuss Reorganization.

May 4, 1996

EAST RUTHERFORD, N.J. (AP) _ The new board chairman of the New Jersey Nets met with two other owners Friday to discuss a proposed ownership reorganization.

Nets spokesman John Mertz said chairman Henry Taub met with David Gerstein and Jerry Cohen at an undisclosed location, but he had no details of the meeting.

The Nets’ seven owners announced late Wednesday that the team was not for sale and that Taub, who owns more than 20 percent of the team, was replacing Alan Aufzien as chairman.

It is not clear whether Aufzien is selling any part of his 26 percent share of the team. Until the change, he had been part of the majority ownership with Gerstein (24 percent) and Cohen (17 percent).

The Asbury Park Press reported Friday that Taub, his brother Joe, Gerstein and Cohen were going to buy out Aufzien and minority owners Bernie Mann (4.5 percent) and Don Unger (3.5 percent) for about $30 million.

Before deciding not to sell the team, the owners had considered an offer by New Jersey Devils owner John McMullen to buy the team for between $90 million and $96 million.

The owners waited more than a month before making their decision, prompting NBA Commissioner David Stern to pressure them for a decision. He also asked the owners to speak with one voice rather than as individuals.

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