FanHouse Brooklynnets

In the face of the economic crisis, developers of the new arena in Brooklyn that is to host the then Brooklyn Nets have put on a brave face.

But after sources told the New York Daily News that lead developer Bruce Ratner will hire "value engineers" to trim the budget back, opponents to the development are now saying the deal is "definitely on its last legs."

The plan calls for massive reevaluation of the arena's structural plan, using cheaper materials and cutting "bells and whistles" in order to lower the $1 billion in investment Ratner needs to finish the project. Construction has halted at the site, and is now facing further delays past the 2011 projected completion date.

So what does this mean to the average NBA fan?

On Tuesday night, the New Jersey Nets held a reception for about 40 season ticket holders at the Barclays Showroom in Midtown Manhattan. That would be the showroom in advance of the Barclays Center. And that, dear friends, is where the Nets have been rumored to be moving in 2010. There's been a lot of speculation about the development, whether it will get done, how the progress is going, and if the New Jersey Nets might end up just staying in New Jersey.

The Nets have news for you. Brooklyn's the spot.

At the reception, team officials told the ticket-holders that "Brooklyn is happening" and said they plan to break ground on the new development in the fall.

Go ahead. Insert your own LeBron James joke here.

The team also verified that they will be called the Brooklyn Nets, and that there might be a logo and color change. No word yet on whether they intend to change the logo to a silhouette of James. But don't worry, Cleveland fans. What with your dramatic trade for Michael Redd... no. Well, I mean, with the fact that you landed Elton Brand...no. Um... no worries! Everything's fine!