Ilya Marritz covers business for WNYC.
When the basketball team known as the New Jersey Nets moves to its new home in Brooklyn next year, it will be renamed the Brooklyn Nets, rapper Jay-Z, an investor in the team, announced on Monday.
"I asked for two things out of my partners in ownership is that we rename the New Jersey Nets the Brooklyn Nets, and the second one is that I open it with a concert," he said.
No date has been set for the concert, but organizers said it would be about a year from now. It also unclear how many nights Jay-Z will appear at the new Barclays Arena.
"Maybe one, maybe two, maybe three. I sound like Lebron [James]", he said. "Definitely more than one."
Jay-Z is an investor in the team, but the naming decision was up to the majority owner, Russian tycoon Mikhail Prokhorov, said Bruce Ratner, the real estate developer behind the new arena.
Ratner said Prokhorov recognized that the Nets' name has history. And he dismissed recent reports that Prokhorov has fallen out of favor with the Kremlin.
"Mikhail Prokhorov is on the ins with Brooklyn and America, so you know what? Whatever happens, happens. But we love Michael Prokhorov," Ratner said.
The New Jersey Nets' current home is the Prudential Center in Newark.