4. The Knicks not buying Dr. J’s contract from the Nets in 1976
This is my personal favorite front office screw up ever and it’s a story that not enough NBA fans are aware of. If I ever became the mayor of Philadelphia my first order of business would be to create an annual holiday commemorating this move. And I’d celebrate it by having Dr. J personally deliver the Knicks a fruit basket and a different photo of the 1983 world champion Philadelphia 76ers every year until the end of time.
1976 was the year of the ABA/NBA merger and the Knicks and Nets were set to share New York together. The Knicks didn’t love this idea and demanded the Nets pay a territorial fee of $480,000 per year over 10 years ($4.8 million total).
Unable to pay this fee, the Nets began a search for a team to cover that cost. In return, the Nets were offering none other than Julius Erving, who was one of the most exciting players in the ABA and a big reason the NBA wanted to merge with them.
The Nets would first offer this deal to the Knicks who rejected it out of spite. How do we know it was rejected out of spite? Well, the Knicks would later go on to buy Bob McAdoo from the Buffalo Braves and give him the money they would have given up for Dr. J, so I think it’s safe to say their issue wasn’t a financial one.
Eventually, the 76ers swooped in and bought Dr. J for a discounted $3 million. As a 76er, Erving would go on to make 11 All-Star teams, five first-team All-NBA teams, two second-team All-NBA’s, win the 1981 MVP, and win a championship in 1983.
But hey, at least the Knicks got to send a message about invading their territory right?