  We investigate the nature of the near-threshold enhancement in the ppbar
invariant mass spectrum of the reaction J/Psi -> gamma ppbar reported recently
by the BES Collaboration. Using the Juelich NNbar model we show that the mass
dependence of the ppbar spectrum close to the threshold can be reproduced by
the S-wave ppbar final state interaction in the isospin I=1 state within the
Watson-Migdal approach. However, because of our poor knowledge of the NNbar
interaction near threshold and of the J/Psi -> gamma ppbar reaction mechanism
and in view of the controversal situation in the decay J/Psi -> pi0 ppbar,
where no obvious signs of a ppbar final state interaction are seen,
explanations other than final state interactions cannot be ruled out at the
present stage.
