The NBA Brooklyn Nets play in the Atlantic Division of the Eastern Conference as part of the National Basketball Association. The team is based out of Newark, NJ and plays their home games at the Prudential Center. The Nets will be relocating to Brooklyn, New York in 2012 after the construction of a new arena has been completed.
The New Jersey Jets were originally formed in 1967 and called the New York Americans and played in the American Basketball Association. They changed their name to the New Jersey Nets in 1968-69. In 1972, the Nets made it into the ABA finals, but lost to the Indiana Pacers. During the 1972 off-season, the Nets made a deal with the Virginia Squires for Julius Erving. The Nets won 55 games and beat the Utah Stars to win the 1974 ABA title. In 1974-75, the Nets won 58 games but lost in the 1975 ABA playoffs first round. During the last ABA season of 1975-76, the Nets won their second ABA champion by defeating the Denver Nuggets.
The NBA and ABA merged in 1976 and the New Jersey Nets became a member of the NBA. The Nets were forced to pay the Knicks $4.8 million for invading their New York territory and also had to pay $3.2 million to join the NBA. The Nets owner was short on cash and couldn’t pay Erving the raise he had promised him. Erving wouldn’t play for New Jersey and ended up being sold for $3 million to the Philadelphia 76ers.
In 2001, the Nets acquired Jason Kidd from the Phoenix Suns and in 2004-05 made a deal with the Toronto Raptors for All-Star Vince Carter. From the 2001-2006, the Nets won four Atlantic Division Championships in five seasons. They lost to the Los Angeles Lakers in the NBA Finals of 2002.
Mikhail Prokhorov, who according to Forbes is the second richest man in Russia, became the new owner of the New Jersey Nets in September 2009 and is funding a $700 million arena, the Barclays Center, in Brooklyn, NY. The Nets went 12-170 during the 2009-2010 season.