An Associated Press story about a new basketball league was picked up by dozens of outlets today. The AP quoted Anaheim sports management figure John McShain saying that he and his partners had been working the past two years on planning the new league, the American Basketball Association. He said the league would play in twelve cities: Anaheim, Atlanta, Cleveland, Dallas, Indianapolis, Houston, Los Angeles, Louisville, Memphis, New York, Phoenix, and Seattle. Franchises would be required to have a net worth of at least $1.5 million, with a minimum of $500,000 in ready cash. Each team would have to post a $250,000 bond upon joining.