Even though the country is in the midst of its worst economic crisis in decades, Jay Z and the other owners of the NJ Nets are obviously doing something right as it was announced that the team will be moving to the rappers home borough of Brooklyn for the 2011-2012 season. The move was confirmed by the teams CEO Bretty Yormak who said “We’ve pre-sold 20 percent of our suites…We’ve got eight of our 14 founding partnerships already completely signed. Next week, we’ll announce our ninth.”
Jay Z was brought into the Nets financial fold by Bruce Ratner who is one of the Nets biggest shareholders and also like Jigga, a fellow Brooklynite. The two were named in a $5 billion lawsuit last year filed by a Brooklyn activist who is seeking $5 billion from the duo and Barclays bank, filing a “claim of lien” in property records that seeks the money for slavery reparations.