Bill Cosby Buys Part Of Nets

Bill Cosby has bought part of the New Jersey Nets, attracted by the team's commitment to a trust that benefits inner-city youth, according to team officials.

The NBA approved Cosby as a Nets owner on Wednesday.

Cosby will use his "star quality and enormous energy to attract more people into the goals and mission" of urban youth in inner cities, Nets president Michael Rowe told The Star-Ledger of Newark.

Lewis Katz, the principal owner and a friend of Cosby's from their days at Temple, wouldn't say how much Cosby paid for his share of the Nets, only saying it was millions.

"He likes our team, knows Jayson Williams well and likes what this represents in terms of setting a good example," said Katz.

The Nets and Williams, who is a free agent, were negotiating a new contract and were said to be millions of dollars apart on a proposed seven-year agreement.

Cosby didn't immediately return a telephone message left Thursday at the New York studio where his television show, Cosby, is produced. His California spokesman, David Brokaw, didn't immediately return messages.

Team officials said Cosby also bought two courtside seats for home games and stock in the Community Youth Organization, a trust to benefit urban-area youth that is the largest shareholder in the New Jersey Nets, with 35 percent to 40 percent ownership of the team.

ny profits the trust makes either in a season or from the team's future sale will be dedicated to minority education, scholarship and mentoring in New Jersey cities, including Newark, Trenton, Paterson, Camden and Jersey City.

Katz and philanthropist Ray Chambers made the biggest contributions to the trust.

The ownership group bought the team last year and vowed to move it from the Meadowlands Complex in East Rutherford to an arena in downtown Newark.

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