The New Jersey Nets have just named former NASCAR executive Bret Yormark as the president and chief executive officer of their parent company.

Yormark will lead the business and marketing operations of Nets Sports & Entertainment, LLC, including corporate sponsorships, marketing partnerships and ticket sales. Yormark also will be responsible for developing the business and strategic marketing for a new arena planned for Brooklyn.

"Brett is one of the most hardworking, creative and successful marketing executives in all of sports," said Bruce Ratner, the Nets' principal owner. "The impact he had on building the NASCAR brand is simply remarkable. He is an inspiring leader who thrives in challenging and competitive environments."

Yormark was the one who closed a $750 million deal with Nextel Communications and hence creating the NASCAR Nextel Cup.  The deal was the largest sponsorship deal in sports history.