Prior to the season, ABA Commissioner Dave DeBusschere, urged on by Colonels owner John Y.
[1] Star center Dan Issel was sold to the Baltimore Claws for $500,000, and soon ended up with the Denver Nuggets.
[4] Three nights later on October 4, 1975, the Colonels met the NBA's New York Knicks at the Capital Centre in Landover, Maryland.
Louie Dampier scored 23 for the Colonels but New York's Earl Monroe led all scorers with 26 as the Knicks won 107–102.
Brown Jr. agreed to fold the Colonels in exchange for $3 million from the ABA teams entering the NBA.
The Chicago Bulls took Artis Gilmore for $1.1 million; the Portland Trail Blazers took Maurice Lucas for $300,000; the Buffalo Braves took Bird Averitt for $125,000; the Indiana Pacers took Wil Jones for $50,000; the New York Nets took Jan Van Breda Kolff for $60,000 and the San Antonio Spurs took Louie Dampier for $20,000.
Brown took the money he received for the Colonels and used part of it to purchase the NBA's Buffalo Braves, which he later parlayed into ownership of the Boston Celtics.