In 1976 the NBA and ABA merged into one league, at this time the NBA acquired the New York Nets, Denver Nuggets, San Antonio Spurs and Indiana Pacers. The Knicks were so upset about this merger, because now they will have another team in New York competing with them in their own league, that they demanded the Nets had to pay out a $5 million indemnity payment. The New York Nets owner, Roy Boe, couldn't afford the payment at the time, so he offered the Knicks Julius Erving for the payment. The Knicks turned this offer down and this move would be called the biggest mistake in franchise history.
Ultimately the Philadelphia 76ers would buy Dr. J's contract for more than enough money to pay off the Knicks. Roy Boe would go on to say "The merger agreement killed the Nets as an NBA franchise. …The merger agreement got us into the NBA, but it forced me to destroy the team by selling Erving to pay the bill." The next season the Nets would go on to finish a league's worst 22-60 record, this would force Boe to take the team back to New Jersey and rebuild.
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