History of the Brooklyn Nets
After the dismissal of major pending lawsuits, groundbreaking for Barclays Center occurred on March 11, 2010.
On September 26, 2011, Jay-Z, the Nets' minority owner, announced that the team's new name after the move to Brooklyn would be the Brooklyn Nets. The team officially became the Brooklyn Nets on April 30, 2012. The team's new colors were announced to be black and white, and two official logos designed by Timothy Morris were unveiled. The primary logo is a shield depicting the team name 'Nets', along with a basketball with an overlaid "B". The secondary logo is the same "B-ball" surrounded by a black circle with the text "Brooklyn" and "New York". The new logo's typeface and colors are meant to evoke New York City Subway rollsigns from the 1950s when Brooklyn last had a major league sports team. This rebranding of the team led to a dramatic increase in merchandise sales for the team. On the first two days that the new merchandise was available, total sales from the NBA Store were 10 times that of a typical year when the team was in New Jersey, and in the initial months of the 2012–13 season, the Nets led all NBA teams in apparel sales.
Brooklyn Nets
YankeeNets failed in its attempts to secure a deal with Newark to construct a new arena in the city. By that point in time, tensions between the management of the Yankees, Nets, and the Devils had cause a rift between them, and a decision was made to split the group up. With their plan to move the Nets dead, the Community Youth Organization placed the team on sale. After a short bidding process, the group secured a deal in 2004 with real estate developer Bruce Ratner to buy the team for $300 million, defeating a similar offer by Charles Kushner and Senator Jon S. Corzine of New Jersey. Ratner had purchased the team with the intent of moving it to a new arena in Brooklyn, which was to be a centerpiece of the large-scale Atlantic Yards development.