The Brooklyn Nets are an American professional basketball team based in the New York City borough of Brooklyn. The Nets compete in the National Basketball Association (NBA) as a member of the Atlantic Division of the Eastern Conference. The team plays its home games at Barclays Center. They are one of two NBA teams located in New York City; the other is the New York Knicks.
Brooklyn Nets Team Salary Range
In 1977, the team returned to New Jersey and played as the New Jersey Nets from 1977 to 2012. During this time, the Nets won two consecutive Eastern Conference championships (in the 2001–02 and 2002–03 seasons), but failed to win a league title. In the summer of 2012, the team moved to Barclays Center, and took its current geographic name.
The team was established in 1967 as a charter franchise of the NBA’s rival league, the American Basketball Association (ABA). They played in New Jersey as the New Jersey Americans during their first season, before moving to Long Island in 1968 and changing their name to the New York Nets. During this time, the Nets won two ABA championships (in 1974 and 1976). In 1976, the ABA merged with the NBA, and the Nets were absorbed into the NBA along with three other ABA teams.
On May 11, 2010, following approval from the other owners of the NBA, Prokhorov had become a principal owner of the Nets. In late 2017, Prokhorov agreed to sell a 49% stake in the team to Tsai, with an option for Tsai to become the majority owner. The option was exercised in August 2019, with Tsai also buying the Nets’ arena, the Barclays Center, from Prokhorov for nearly $1 billion in a separate deal. The NBA Board of Governors unanimously approved the sale to Tsai on September 18, 2019.