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.
Brooklyn Nets
After a lengthy ownership of the franchise and numerous attempts to improve the financial situation of the team, the "Secaucus Seven" finally sold the team in 1998 to a group of local real estate developers led by Raymond Chambers and Lewis Katz, who called themselves the "Community Youth Organization" and wanted to move the team to Newark, New Jersey. The next year the group signed an agreement with New York Yankees owner George Steinbrenner to form YankeeNets, a holding company that owned the two teams, and later also the New Jersey Devils, and increase leverage in future broadcast contracts by negotiating together. After receiving offers from numerous broadcast partners, including what was then their current rights holder Cablevision, YankeeNets decided to launch its own regional sports television called the YES Network.