In the latest round of high-stakes poker over the fate of New Jersey's professional sports franchises, Gov. James E. McGreevey yesterday ruled out any new subsidies for current or future owners of the Nets and the Devils, despite a threat that the teams could move to New York.

His announcement in Bridgewater, N.J., came five days after a group of investors, which is negotiating to buy the Nets and keep the team in New Jersey, met with the New Jersey Sports and Exposition Authority to discuss the renovation of the team's current arena in the Meadowlands and a new lease.

According to state officials, the prospective owners, a group that includes Senator Jon S. Corzine and the developer Charles Kushner, wanted concessions worth about $125 million, something the governor was unwilling to provide.

"There is simply no justification for state dollars being used to guarantee the profits of team owners," McGreevey said yesterday. "In the past, New Jersey and across the country, cities and states have invested taxpayer dollars to subsidize teams. We have other priorities. If New York wants to subsidize team owners with their dollars, that is their right. But in New Jersey, those days are over."

The Corzine-Kushner group is competing with Bruce Ratner, a New York developer who has been working with Lewis Katz, a principal owner of the Nets, to buy the team and move it to Brooklyn. New York City officials have developed the outline of a deal with Ratner's Forest City Ratner Companies in which the arena would serve as the centerpiece of a larger real estate development.

At the same time, Charles B. Wang, an owner of the Islanders, is making a bid to buy the Nets and move the team to Long Island.