Don't know if anyone can find the full story but here's an excerpt. Even though they weren't allowed to join the NBA the franchise owners got VERY wealthy. They collected from the NBA for decades afterward and for all I know may be still collecting.
Instead of just trying to fight it out, the Spirits folded over their rights and received $2.2 million in return. On top of that, they received a large share of all television revenues for the four teams that merged into the NBA. Fast forward a few decades and they accrued about $500 million in payments from that deal. They may not have made the league, but did receive plenty of compensation in their deal with the NBA.
Instead of just trying to fight it out, the Spirits folded over their rights and received $2.2 million in return. On top of that, they received a large share of all television revenues for the four teams that merged into the NBA. Fast forward a few decades and they accrued about $500 million in payments from that deal. They may not have made the league, but did receive plenty of compensation in their deal with the NBA.