Got Questions? Discover NowWe Have Answers 1967 1975 1976 Colonels Team Formation On March 6, 1967, the American Basketball Association awarded the franchise that became the Kentucky Colonels to Don Regan for $30,000. Later that year the franchise was bought by Joseph Gregory, Mamie Gregory and William C. Boone. John Givens was named as the first coach of the Colonels. …