The NBA Board of Governors officially approved of the New Jersey Net's relocation to Brooklyn, New York.

Brooklyn will welcome their new team with a brand new 18,200 seat Barclays Center, where the Brooklyn Nets will play home games. 

"We voted to formally approve the move, and the team name," said NBA Commissioner David Stern. "It's an impressive building. It's on-time, it might be [a bit] early, perhaps as early as August, and open September 28, and sales of tickets and suites were reported to be doing well."

Nets owners Mikhail Prokhorov and Barclays Center majority owner Bruce Ratner put out the following statement:

"We would like to express our heartfelt thanks to David Stern and the NBA team owners for their role in making the Nets' move to Brooklyn a reality. Barclays Center will give the Nets a state-of-the-art new home and, together, we will give Brooklyn the great sports and entertainment experience it so deserves. We are looking forward to the opening of Barclays Center on September 28 and to the start of the next NBA season as the Brooklyn Nets."

The Barclays Center is expected to be completed in early August and set to open on September 28.  Construction for the new facilities cost over $1 billion but reports of ticket sales and suite for the inaugural season are selling very well.

Already being eliminated from playoff contention, the Nets will have a new start with a new name, arena, fan base, and uniforms.  The team reported that a new logo and team colors will be made official before the end of the month.