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The
original ABA was founded in 1967, competing with the more established,
rival National Basketball Association until reaching an agreement of merger
in 1976. Ultimately four ABA teams were absorbed into the older league:
the New York Nets, Denver Nuggets, Indiana Pacers, and San Antonio Spurs.
Two other clubs, the Kentucky Colonels and the Spirits of St. Louis were
disbanded upon the merger. A third, the Virginia Squires, had folded less
than a month earlier, missing out on the opportunities a 
merger
might provide.
The ABA distinguished itself from its older counterpart with a more wide-open style of offensive play as well as differences in rules (a 30-second shot clock as opposed to the NBA's 24, use of a 3-point basket, etc.) Also, the ABA used a colorful red, white and blue ball instead of the NBA's brown ball. The freewheeling style of the ABA eventually caught on with fans, but the lack of a national television contract and protracted financial losses would spell doom for the ABA as an independent circuit. In its last year of existence (1976) the ABA pioneered the slam dunk contest at its all-star game in Denver.
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