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.
Barclays Center
The arena, proposed in 2004 when real estate developer Bruce Ratner purchased the Nets for $300 million as the first step of the process to build a new home for the team, experienced significant hurdles during its development. Its use of eminent domain and its potential environmental impact brought community resistance, especially as residential buildings and businesses such as the Ward Bakery were to be demolished and large amounts of public subsidies were used, which led to multiple lawsuits. The global recession of 2009 also caused financing for the project to dry up. As a result, construction was delayed until 2010, with no secure funding for the project having been allotted. Groundbreaking for construction occurred on March 11, 2010, and the arena opened on September 21, 2012, which was also attended by some 200 protesters. It held its first event with a Jay-Z concert on September 28, 2012. The arena and the Brooklyn Nets are owned by Mikhail Prokhorov's American holdings.