New York, NY (Sports Network) - The New York Yankees, New Jersey Nets and New Jersey Devils will become separately owned after a deal to dissolve the YankeeNets partnership was finalized Tuesday.
Lawyers spent months completing the deal after the parties reached a preliminary arrangement late in 2003 for a reverse stock swap.
The deal is subject to approval by Major League Baseball, the NBA and the NHL.
Community Youth Organization LLC, owner of the Nets, is now expected to finalize its deal to sell the NBA team to a developer from Brooklyn. The developer, Bruce Ratner, wants to move the team to Brooklyn.
The Yankees will continue to be owned by Yankee Global LLC, formerly YankeeNets LLC.
The limited partnership interest YankeesNets has in the parent company of the Devils will now be controlled by Lewis Katz and Ray Chambers, the owners of Community Youth Organization.