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.
New Jersey Devils
In 2000, McMullen sold the team to Puck Holdings, an affiliate of YankeeNets, for $176 million. The owners wanted to program Devils games on what eventually became the YES Network and move the team to a new arena in Newark. Neither of these proposals became reality under Puck Holdings' ownership. For the start of the next season, Lamoriello was appointed CEO of both the Devils and the New Jersey Nets of the National Basketball Association (NBA). He remained at the helm of the basketball team until it was sold with the intention of moving it to Brooklyn in 2004.