Yanks, Nets, Devils separate from company

Updated: March 23, 2004, 7:53 PM ET
Associated Press

NEW YORK -- The owners of YankeeNets completed agreements Tuesday to separate the New York Yankees, New Jersey Nets and New Jersey Devils from the holding company.

The parties had signed a preliminary agreement Dec. 8 for the reverse stock swap, and their lawyers spent 3½ months putting the final deal together.

The deal is subject to approval by Major League Baseball, the NBA and the NHL.

Following the closing, the Nets' owner, Community Youth Organization LLC, will complete its agreement to sell the Nets to Brooklyn Basketball LLC, which is controlled by Bruce Ratner, who hopes to move the team to Brooklyn

YankeeNets LLC will be renamed Yankee Global Enterprises LLC and will continue to own the Yankees.

As part of the deal, YankeeNets' 38 percent limited partnership interest in Puck Holdings, the parent of the Stanley Cup champion New Jersey Devils, goes to an entity controlled by Lewis Katz and Ray Chambers, the owners of CYO.

Copyright 2004 by The Associated Press