History of the Brooklyn Nets
The Brooklyn Nets, a professional basketball team based in the New York City borough of Brooklyn, was founded in 1967 and initially played in Teaneck, New Jersey, as the New Jersey Americans, later the New Jersey Nets. They are a member of the Atlantic Division of the Eastern Conference in the National Basketball Association (NBA), as well as an original member of the American Basketball Association (ABA). In 2012 they moved to Brooklyn and were renamed the Brooklyn Nets.
History of the New York Knicks
On September 26, 2013, the Knicks announced that they had replaced GM Glen Grunwald with former MSG president Steve Mills. On March 10, 2014, the Knicks announced that they had purchased an NBA D-League team that would play in White Plains at the start of the 2014–15 NBDL season. "Forbes" magazine released its franchise value rankings for NBA teams on January 22, listing the Knicks as the world's most valuable basketball organization at $1.4 billion, edging out the Los Angeles Lakers by $50 million. The Knicks were valued at 40% more than the third-place Chicago Bulls valuation of $1 billion, and were valued nearly twice as highly as their crosstown rivals, the Brooklyn Nets, who came in at $780 million.