Former Nets, Devils owner Lewis Katz dies in plane crash

Lewis Katz, co-owner of Philadelphia Inquirer and former owner of the NBA's New Jersey Nets and NHL's New Jersey Devils, was among seven people killed in a plane crash in Massachusetts on Saturday night. He was 72. 

According to authorities, the private jet crashed and erupted into a fireball as it was departing for the Atlantic City International Airport at around 9:40 p.m. Saturday.

"There were no survivors," Matthew Brelis, a spokesman for the Massachusetts Port Authority, told the Inquirer. "Our thoughts and prayers are with the people on board and their loved ones."

A native of Camden, N.J., Katz purchased the Nets in 1998 for $150 million and oversaw the team during their most successful years. He sold the team to Bruce Rattner in 2004 for $300 million.

"All of us at the NBA were extremely saddened to learn of the tragic, sudden death of former Nets owner Lewis Katz," NBA commissioner Adam Silver said in a statement. "Lewis was a trusted friend and valued member of the NBA family. He was a visionary businessman who touched the lives of so many with his tireless pursuit of innovation and enterprise, as well as his deep commitment to is family, friends and community. I send my deepest condolences to the Katz family during this very difficult time."