After the proposed sale fell through, the Yankees and New Jersey Nets of the NBA agreed to merge business operations, creating a combined holding company. This was done to increase the negotiating power of both teams for future television contracts and stadium and arena construction deals. The Yankee's local broadcasting rights with Cablevision's MSG Network were expiring at the end of 2000 season and the Nets' deal with Fox Sports New York would end with the 2001-2002 season. Steinbrenner began considering his own regional sports cable channel. Primary Nets owner Lewis Katz was mainly interested in a new arena. The pre-merger owners would continue to control their teams, with a minority interest in the other team. This arrangement was approved by both Major League Baseball and the NBA.