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
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.