08/03/2026
https://www.facebook.com/share/p/19HQJi4Ddz/
🏀On August 1, 1973 the Virginia Squires traded Julius Erving (along with Willie Sojourner) to the New York Nets for George Carter, draft rights to Kermit Washington, and $750,000 in cash. Virginia, like most ABA teams, were on shaky financial ground and the cash-strapped Squires sent budding superstar “Dr. J” to New York in a complex deal that kept him in the ABA. The Nets also sent $425,000 to the Atlanta Hawks to reimburse the team for its legal fees, fines and the bonus paid to Erving, as he had signed a contract with the rival NBA’s Hawks in 1972 worth more than $1 million with a $250,000 bonus, but a judge issued an injunction that prohibited him from playing for any team other than the Squires. Doc signed an eight-year deal worth a reported $350,000 per year, unprecedented at the time. Erving went on to lead the Nets to their first ABA title in 1973–74, defeating the Utah Stars, solidifying himself as one of the most important players in the history of the American Basketball Association. His spectacular play established the Nets as one of the better teams in the ABA, and brought fans and credibility to the league. However, the Squires weren’t done dropping the ball on young talent. On January 30, 1974 Virginia sold George Gervin’s contract to the San Antonio Spurs for $225,000. Previously, on September 1, 1970, the Squires traded Rick Barry to the Nets for a draft pick and a measly $25,000. To put that in perspective, the Squires had the possibility of having Barry, Erving, and Gervin all on the same team.🏀