REUTERS
New Jersey Nets owner Lewis Katz holds the NBA Eastern Conference champions trophy as guard Jason Kidd looks on (R) after the Nets'102-82 win over the Detroit Pistons in Game 4 of the NBA Eastern Conference Finals on May 24, 2003.
The Gulfstream IV jet crashed and caught fire shortly after takeoff from Hanscom Field in Bedford, Mass., at approximately 9:40 p.m. local time.
Katz, 72, made a fortune investing in the Kinney Parking empire in New York and the Yankees Entertainment and Sports (YES) Network. He once owned the NBA's New Jersey Nets and the NHL's New Jersey Devils.
On Tuesday, Katz and H.F. "Gerry" Lenfest had bought out their partners for $88 million to gain control of the media company that owns the newspapers.
The names of the other victims were not immediately released. The cause of the crash is under investigation the National Transportation Safety Board.
"Lewis Katz was an exceptional man, whose presence enriched the lives of everyone he came in contact with," said Inquirer editor Bill Marimow. "He never forgot his friends or his roots, giving back generously to the city of Camden, Temple University, Dickinson College's law school, the Boys & Girls Clubs of America, and countless other organizations.
"He loved his family and his friends and they loved him back in return. We've lost a great friend."