New team eyeing football franchise

NEW YORK — The New York Yankees and the New Jersey Nets are likely to announce their long-awaited merger within a week, a source close to the venture said. He confirmed reports that the company created by the two teams will then explore the possibility of an initial public stock offering.

The source also said the Yankees/Nets baseball and basketball combo is mulling over a bid for a football team, very possibly the New York Jets. An IPO could help pay for that acquisition or fund a number of other projects such as cable channels, movie theaters or other entertainment venues.

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