News: Jay-Z's New Jersey Nets Set Date For Brooklyn Debut
Tuesday, Mar 17, 2009 9:44AM
New Jersey Nets franchise, of which Jay-Z is part owner, will make the move to Brooklyn, New York despite the current financial economic crisis.
Nets CEO Bretty Yormark recently confirmed and announced the dates fans may expect the shift to take place.
"We'll be there for the 2011-2012 season," Yormark said in a statement. "We've pre-sold 20 percent of our suites...We've got eight of our 14 founding partnerships already completely signed. Next week, we'll announce our ninth." (Bloomberg News)
Although the nation is battling a recession, Yormark assures the move will still take place.
"We feel very confident about the financing," Yormark added. "We feel very confident about just the project in general, and once we get through this final piece of litigation, we'll be in the accelerated mode to break ground and get ready to open." (Sports Business)
The Nets have also placed their focus on the new arena's location.
Yormark said the team is awaiting resolution of an eminent-domain lawsuit before breaking ground on the Barclays Center. That may come in late spring or early summer, Barry Baum, a spokesman for the team's owner, Bruce Ratner, said in an e-mail message. (New York Times)
The rap mogul has held a share in the NBA team since 2004.
The NBA Board of Governors unanimously apporved the sale of the New Jersey Nets to an ownership group that includes the rapper Jay-Z. The group of investors, led by developer Bruce Ratner, had its $300 million offer accepted by the Nets. Ratner reportedly recruited Jay-Z and a number of prominent Brooklynites with the idea of moving the franchise from the swamps of New Jersey to downtown Brooklyn. (Hoops Vibe)