<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k0503.txt
<DESCRIPTION>FORM 8K FOR PERIOD ENDED MAY 31, 2003
<TEXT>


                   SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549


                               FORM 8-K


                           Current Report
                   Pursuant to Section 13 or 15(d)
               of the Securities Exchange Act of 1934


         Date of Report (Date of earliest event reported): May 31, 2003

                   United States Basketball League, Inc.
            (Exact name of registrant as specified in its charter)

                                  Delaware
              (State or Other Jurisdiction of Incorporation)

                             0-21547 06-1120072
        (Commission File Number)(I.R.S. Employer Identification No.)

                     46 Quirk Road, Milford, CT 06460
             (Address and zip code of principal executive offices)

                             (203) 877-9508
                       (Registrant's telephone Number)


<PAGE>

ITEM 2.  Acquisition or Disposition of Assets

On March 14, 2003, Meisenheimer Capital, Inc. ("MCI"), which owns a majority of
the outstanding stock of Registrant and Registrant received authority from their
respective  directors to enter into an agreement whereby MCI agreed to assign to
Registrant  all of the  outstanding  stock of  Meisenheimer  Capital Real Estate
Holdings,  Inc.  ("MCRE"),  a wholly owned  subsidiary of MCI in satisfaction of
certain payables due from MCI to Registrant in the net amount of $226,000.

By acquiring the stock of MCRE, USBL will  effectively own the real estate at 46
Quirk Road, Milford, Connecticut, which consists of three-quarters of an acre of
real property and an office  building of  approximately  6,000 square feet. USBL
maintains  its  offices  along with other  tenants at the  building.  The rental
income from the other two  tenants is  sufficient  to pay the  monthly  mortgage
payments.  The  balance  on the  mortgage  currently  amounts  to  approximately
$126,000.

MCI and  Registrant  entered into a formal  agreement on May 31, 2003 subject to
MCI's  obtaining an appraisal of the  property  from an  independent  appraiser,
which appraisal must demonstrate that the current value of the property is equal
to or greater than $226,000,  the amount of debt which Registrant will cancel in
exchange for the property.

On July 7, 2003,  MCI received the  appraisal  which  reflects  that the current
value of the property is in excess of $226,000 and accordingly the condition for
completion of the agreement has been met.

ITEM 3.  Bankruptcy or Receivership -- Not applicable.

ITEM 4. Changes in Registrant's Certifying Accountant -- Not applicable.

ITEM 5.  Other Events -- Not applicable.

ITEM 6.  Registration of Registrant's Directors--Not applicable.

ITEM 7.  Financial Statements and Exhibits -- Not applicable.

ITEM 8.  Changing Fiscal Year -- Not applicable.

ITEM 9.  Regulation FD Disclosure--Not applicable.

ITEM 10.  Not applicable.

ITEM 11.  Not applicable.


                                                         2
<PAGE>


                                SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                             United States Basketball League, Inc.
                             (Registrant)

                             By:     s/ Daniel T. Meisenheimer, III
                                     Daniel T. Meisenheimer, III,  President

Dated: July 14, 2003


                                                         3

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