Two high-ranking officials of the Washington Bullets basketball team who were investigated for allegedly participating in a gambling ring run out of the team's front office have resigned.

Team owner Abe Pollin announced yesterday that the resignation of Marketing Director Chip Reed and Director of Season Ticket Sales Randy Quartemont are effective immediately. Both Reed and Quartemont were placed on leave last month after The Washington Post disclosed they were the focus of a six-month Prince George's County police gambling investigation.

That investigation, begun in December, centered on allegations that Reed and Quartemont were using their capital Centre offices to place bets -- mostly on horse races -- for themselves and other employes.

Police investigators concluded last week that there was insufficient evidence to charge anyone with gambling or bookmaking offenses.

Pollin conducted his own investigation into the allegations "in the best interest of the Bullets and the National Basketball Association."

One source said that during the initial stages of the police investigation, Bullets officials informed Reed that because of the negative publicity resulting from the probe, he would probably have to resign. Reed and Quartemont, however, offered their resignations earlier this week, sources said, and were not asked to resign.

Pollin praised the Prince George's County police department for what he called its "thorough and highly professional investigation." He also said that the team and other Capital Centre operations, which include the Washington Capitals ice hockey team, would immediately institute strong measures "to ensure that there will be no further incidents similar to those reported in the press."

Reed and Quartemont could not be reached for comment.

Bullets officials refused to elaborate on the steps they would take to prevent gambling by employes.

The National Basketball Association and the team have a strict policy against gambling by players or team officials. The team's major concern when it first learned of the police probe was to determine whether basketball players were involved in betting or whether games were being fixed. Police ruled out those possibilities.

Police also investigated the extent to which employes of the team's front office and the huge Capital Centre arena in Largo, Md., were participating in the alleged gambling ring.

Some employes were promised immunity from prosecution if they cooperated with police, according to informed sources.

There was no indication from the Bullets yesterday that any other employes have been asked to leave or have resigned.

The investigation began after the county police vice intelligence unit raided a Laurel apartment belonging to Reed last December, arresting one man and confiscating money and gambling equipment.

When police concluded their investigation, they said they would give the information they gathered to county State's Attorney Arthur A. Marshall Jr., who is expected to make a statement about the case this week.