New York (CNN) -- Brooklyn Nets. This is what the NBA world will now be calling the New Jersey Nets.
Media mogul Shawn "Jay-Z" Carter revealed the name Monday, along with Brooklyn Borough President Marty Markowitz, Forest City Ratner Companies Chairman and CEO Bruce Ratner, and Barclays Center and Nets CEO Brett Yormark, at Atlantic Terminal in Brooklyn. They were near the construction site of the Nets' future home, The Barclays Center.
"We are proud to announce this highly anticipated decision to name the team the Brooklyn Nets, a choice which reflects the decades-long tradition of our team and fans, as well as the dynamic new place that will be our home," Nets Chairman Chris Charlier said.
Carter, a part owner of the Nets, also said he will be the first to perform at the venue's opening, scheduled for September 2012.
"From the moment the Barclays Center became a reality, I knew this meant something significant for Brooklyn," Carter said. "This is where I'm from, I'll always be Brooklyn, and opening this arena will mean more to me than anywhere else," he said. "We're going to create an atmosphere like only Brooklyn can."
The Barclays Center is set to host major entertainment and sporting events, which could mean some competition for New York's staple Madison Square Garden. It will also feature four bars, three clubs and a restaurant.
Carter invited 25 students from George Westinghouse High School, where he attended, to take part in the announcement, which included the unveiling of a marketing campaign for fall's All Access Pass featuring Carter. Marketing includes 250,000 coffee cups, 150 taxi tops, print ads, pay phones, direct mail and a billboard across the street from the venue.