Jay Z announced that the Nets would have a new name once they take the court at the Barclays Center in Brooklyn in approximately one year.”We’ve decided that the final name would be the Brooklyn Nets,” said the rapper who grew up only minutes away at the Marcy Houses and later at 560 State Street.

”I’m going to open the building with a couple of concerts… maybe like eight,” said Jay Z. ”This is something for everybody. This will have something in all price ranges. I think it’s going to be the most beautiful arena in the world,” added partner Bruce Rattner.

The rapper, will now have plenty of reason to come back to his old borough. He stated that he was proud of his involvement with Barclays.”It’s already created so many jobs… there are lots of vendors,” added Jay Z speaking from the plaza at Atlantic Terminal overlooking the Center.

As for any surprises yet to come from the mogul and NBA heavy-hitter, “the Nets will have new colors, but we’re not ready to announce that yet.” The 18,000-seat arena will have luxurity suites designed by Jay Z.

Jay is reportedly working with Nets’ personnel and Adidas to design uniforms for the basketball squad. Hov, who’s a part owner in the team, will also help redesign the logo and what colors the uniforms should be (they will no longer be red, silver, white and navy blue).