Niagara Falls Gazette- Syracuse Nationals Are Sold
Syracuse—Subject to league approval, the Syracuse Nationals of the National Basketball Association have been sold to a group of Philadelphia businessmen who plan to move club to Philadelphia. Sale of the club for $500,000 was announced late Wednesday night by Owner Dan Biasone, who said "it simply got to be impossible to operate." The Nats have been fixtures in Syracuse for 17 years but despite their 48-32 record and second place finish in the Eastern Division last season the club lost $39,000. Although the Philadelphia group was not identified at its request, Biasone said the sale was handled by the Philadelphia law firm of Richman, Price and Jamieson. In Philadelphia, Isaac Richman of the firm said the new owners are a group of businessmen not connected before with sports. He said Ed Gottlieb, former owner of the Philadelphia Warriors, is not a member of the group. He refused to identify the businessmen and when asked if he thought the league would approve of them, said: "These men are reputable." Philadelphia has been without an NBA franchise since the Warriors were sold and moved to San Francisco before last season. The city had a team last year in the new American Basketball League, which folded halfway at the end of December. Biasone expressed disappointment that the Nats, charter members when the league was formed 17 years ago, would be leaving Syracuse. "I feel very badly that this had to come about, that the club is being lost to our loyal fans and everybody who supported us for 17 years," he said. "Because of the increase in costs of operation, it simply got to be impossible to operate." Biasone said the actual cost of operating the Nats in Syracuse last season was $366,000. He said there was every indication that expenses could approach $500,000 next season. He predicted that the club might have lost $100,000 next year if it had remained here. There are 200 outstanding shares in the Nats and stockholders voted 165½ to 7¾ in favor of the sale at a special meeting Wednesday night.
Utica Daily Press- Syracuse Nats Sold; Moving To Philadelphia
Lost $39,000 Last Season, Biasone Says
Syracuse—The Syracuse Nationals of the National Basketball Association were sold yesterday to Philadelphia interests and club president Dan Biasone said the new owners will move the team to Philadelphia. Biasone said the club, in the NBA for 17 years, was sold for $500,000. He said the Nats' lost $39,000 operating in Syracuse last season althoughh the team finished second to Boston in the Eastern Division. Biasone said the new owners had asked that they not be identified. He said, however, that the sale was negotiated bu the Philadelphia law firm of Richman, Pierce and Jamieson. "I feel very badly that this had to come about, that the club is being lost to our loyal fans and everybody who supported us for 17 years. Because of the increase in costs of operation, it simply got to be impossible to operate." Philadelphia's original NBA franchise was transferred to San Francisco before last season. They city also had a team in the new American Basketball League but was left without pro basketball when the ABL folded halfway through the 1962-63 season. The Nats won the NBA championship in 1955 and were Eastern Division champions three times. Lee Shaffer, Dolph Schayes, Hal Greer, Johnny Kerr and Larry Costello are some of the stars of the club, coached by Alex Hannum. The Nats finished the 1962-63 season with a 48-32 record, but were eliminated by the third place Cincinnati Royals in the playoffs.