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.