New York, NY —

The National Basketball Association and developer Bruce Ratner have announced a corporate naming rights deal for the Nets arena planned for the Atlantic Yards project in Brooklyn. WNYC's Elaine Rivera has more.

It's expected to be called the Barclays Center, named after the London-based financial services corporation. Mayor Michael Bloomberg said Barclays would be investing more than $300 million as part of the deal but the exact amount for the 20-year naming rights was not released.

Barclays' president Robert Diamond says the company wants to be part of what he called the Renaissance of Brooklyn. However, neighborhood coalitions that have strongly opposed the development project say the developer shouldn't move so fast because there are pending lawsuits that need to run their course. For WNYC, I'm Elaine Rivera