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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.

Developer Bruce Ratner said Tuesday morning what many of his critics and even some of his associates have been saying for years: there is no way the entire Atlantic Yards project will be done in 10 years.

A team spokesman confirms that the team submitted an application to change its name. But the spokesman wouldn’t specify what the desired name would be or whether it would use “Brooklyn” or “New York” as the geographic name.

Ellerbe Becket and SHoP Archtiect\'s new design for the Barclays Center

The state economic development agency gave final approval today to a revised plan for Atlantic Yards in Brooklyn.