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Entertainment mogul and sports co-owner Jay-Z has announced plans to rename NBA basketball team New Jersey Nets once they relocate to Brooklyn, New York next year.

According to Young Hov, the team will soon be known as the Brooklyn Nets.

On Monday morning, the entertainment mogul announced that the NBA 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. (My Fox NY)

Additional reporting claims Jay will host a slew of concerts at the new stadium to spark interest.

Rap mogul Jay-Z will headline a series of concerts to open Brooklyn’s new Nets arena next fall – and will make it official Monday: The team will be named for his hometown. The superstar, who owns a small piece of the soon-to-be renamed Brooklyn Nets, will perform at eight concerts to celebrate the grand opening of the arena – where all-access passes are going for up to $15,400 a season. Jay-Z likely will be joined by his wife, Beyoncé – who by then will have given birth to the couple’s first child – at one of the shows, and will bring on a series of other performers, sources said. Jay-Z will appear with developer Bruce Ratner and Borough President Marty Markowitz to reveal details of the shows Monday at the Prospect Heights construction site. (New York Daily News)

Last year, Jay attended a New York ceremony for the launch of Brooklyn’s new Barclays Center.

Governor David Paterson, Mayor Michael Bloomberg, and Brooklyn Borough President Marty Markowitz today joined Forest City Ratner Companies Chairman and CEO Bruce Ratner, Barclays PLC President Robert E. Diamond, Jr., and NETS investor and cultural icon Shawn “Jay-Z” Carter at the ceremonial groundbreaking of the Barclays Center at Atlantic Yards. The 18,000-seat world-class sports and entertainment arena is being developed by Forest City Ratner Companies (FCRC), which will operate the arena in partnership with Mikhail Prokhorov’s Onexim Sports & Entertainment. The Barclays Center will host more than 200 events annually, including professional and collegiate sports, concerts, family shows, and NETS Basketball. (Market Watch)

The rap mogul has held a share in the NBA team since 2004.

The NBA Board of Governors unanimously approved the sale of the New Jersey Nets to an ownership group that includes the rapper Jay-Z. The group of investors, led by developer Bruce Ratner, had its $300 million offer accepted by the Nets. Ratner reportedly recruited Jay-Z and a number of prominent Brooklynites with the idea of moving the franchise from the swamps of New Jersey to downtown Brooklyn. (Hoops Vibe)

Since 1977, the professional NBA team has been known as the New Jersey Nets.

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