Jay-Z's New Jersey Nets are hoping to call the rapper’s hometown of Brooklyn, New York their new home by 2011.
Jay-Z joined forces with real estate developer Bruce Ratner and several other partners to purchase the Nets franchise in 2004 for $300 million.
Brett Yormark, the Nets chief executive officer, recently told Bloomberg Television that they see themselves overcoming economic concerns and legal opposition and will be moving into their planned $1 billion arena for the 2011-2012 season.
"It will happen,” Yormark said. “We’ll be there for the 2011-2012 season. We’ve pre-sold 20 per cent of our suites. We’ve got eight of our 14 founding partnerships already completely signed. Next week, we’ll announce our ninth.”
“We feel very confident about the financing. We feel very confident about just the project in general, and once we get through this final piece of litigation, we’ll be in the accelerated mode to break ground and get ready to open,” he added.