After a lengthy ownership of the franchise and numerous unsuccessful attempts to improve the financial situation of the team, the "Secaucus Seven" finally sold the team in 1998 to a group of local real estate developers led by Raymond Chambers and Lewis Katz, who called themselves the "Community Youth Organization" and wanted to move the team to Newark, New Jersey. The next year the group signed an agreement with New York Yankees owner George Steinbrenner to form YankeeNets, a holding company that owned the two teams, and later also the New Jersey Devils, and increase leverage in future broadcast contracts by negotiating together. After receiving offers from several broadcast partners, including Cablevision, which held their rights at that time, YankeeNets decided to launch its own regional sports television called the YES Network.
after a lengthy ownership of the franchise and numerous unsuccessful attempts to improve the financial situation of the team the "secaucus seven" finally sold the team in 1998 to a group of local real estate developers led by raymond chambers and lewis katz who called themselves the "community youth organization" and wanted to move the team to newark new jersey the next year the group signed an agreement with new york yankees owner george steinbrenner to form yankeenets a holding company that owned the two teams and later also the new jersey devils and increase leverage in future broadcast contracts by negotiating together after receiving offers from several broadcast partners including cablevision which held their rights at that time yankeenets decided to launch its own regional sports television called the yes network