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Islanders owner withdraws offer to buy Nets

12.4.2003

Uniondale, NY (Basketball News) - The owner of the New York Islanders withdrew his offer to purchase the New Jersey Nets on Thursday.

According to spokesman Chris Botta, Islanders owner Charles Wang pulled his $265 million bid to buy the NBA franchise due to slow negotiations. Discussions on how to break up YankeeNets, the holding group that owns the team, had bogged down.

Wang wanted to buy the Nets and move them, along with the Islanders, to a new arena on Long Island.

The Islanders currently play in the 31-year-old Nassau Coliseum.

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