The NBA Board of Governors unanimously approved the sale of the New Jersey Nets to an ownership group led by Bruce C. Ratner.

The developer plans to move the team to Brooklyn.

"What was only an idea less than a year ago is quickly becoming a reality," Ratner said in a released statement.

Ratner and his group will pay an estimated $300 million to buy the team and intend to build a 19,000-seat arena that will be part of a $2.5 billion office, residential and shopping complex in New York.

The arena is estimated to be ready for the 2007-2008 season.  The entire project is expected to take 10 years to complete.  It faces opposition from area residents who might be displaced by the new construction.

"We're very thankful to Commissioner David Stern and the NBA's Board of Governors," Ratner said. "We are humbled by this vote and excited about the prospects of putting together a team that all Nets fans in the Metropolitan area can be proud of."

The borough of Brooklyhn has not had a major sports franchise since 1957, when the Dodgers left for Los Angeles.

The approval comes amid a turbulent off-season for the Nets, in which apparent cost-cutting directives from Ratner led to the sign-and-trade of Kenyon Martin and the subsequent, public display of concern from Jason Kidd.  Kerry Kittles' sizable contract was also shipped away.

The NBA's governors also unanimously approved the sale of a minority interest in the Golden State Warriors to a Silicon Valley investor group.