1. October 20th, 1976: Julius Erving to the Philadelphia Sixers for Cash Considerations
After leading the Nets to the final ABA Championship in league history in 1976, Juluis Erving was sold off to the 76ers in one of the most lopsided trades in sports history. The ABA/NBA merger was costly for the Nets, with a $3 million expansion fee owed to the league, and a $4.8 mil indemnity fee levied from the Knicks for the new NBA franchise invading their turf.
Nets owner Ray Boe (AKA the anti-Prokhorov) initially offered to trade Dr. J to the Knicks in exchange for waving the territorial fee, but the Knicks turned the offer down. Boe had to renege on a promise to give Erving a raise, and the Doc held out in camp. Strapped for cash, Boe accepted an offer worth $3 million for Erving from the Sixers, who then gave the star small forward a $3 million raise. The $3 million fee + $3 million raise = Erving’s number 6 with the Sixers.
Dr. J would go on to make 11 NBA All-Star teams, 5 All-NBA first Teams, win the 1981 MVP award and lead the Sixers to the 1983 NBA title. The Nets would go from ABA champions to a 22-60 record in their first year in the NBA. Poor ticket sales would lead them to move to New Jersey in 1977 and the Nets would fall into NBA obscurity. Even Boe lamented the deal, saying years later l, “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.”
At least the Knicks got screwed too?
