In 1976 the National Basketball Association merged with the American Basketball Association. The older, better known NBA wanted to end the costly bidding war for star players, so it accepted four of the seven ABA teams into its league.\r
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Each of the three excluded teams was treated differently. One was in such bad shape financially, it simply folded. Owners of another team that was left out-the Kentucky Colonels-received $3.3 million from the NBA for closing down that operation. But Ozzie and Dan Silna, owners of the St. Louis Spirits, held out for more creative terms.
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