New Jersey Nets
The New Jersey Nets are a professional basketball team in the National Basketball Association that plays in the Eastern Conference's Atlantic Division. They are currently based in East Rutherford, New Jersey, and play their home games at the Izod Center. The team is scheduled to be relocated to the Brooklyn borough of New York City for the 2010-11 season.
Planned relocation to New York City
In 2004, after failing to secure a deal for a new arena in Newark, New Jersey, YankeeNets sold the franchise to a group headed by real estate developer Bruce Ratner for $300 million, beating out a group lead by Charles Kushner and Jon Corzine. While Kushner and Corzine wanted to keep the Nets in New Jersey, Ratner planned to move the team back to New York. In 2005 the Nets announced plans to locating the team in the Prospect Heights neighborhood of Brooklyn. One of the members of the ownership group is rap mogul and Brooklyn native Jay-Z. The team would be renamed either Brooklyn Nets (current working title) or have a new name attached to its Brooklyn location.
If the Nets ultimately do not move to Brooklyn, it is unknown if Ratner would continue to own the team in New Jersey or put it up for sale, since the arena project was the main reason he bought the team. Alternative possibilities discussed in the past include the Nets playing their home games at Madison Square Garden or returning to Long Island to share a new or refurbished arena with the New York Islanders.