In 2007, banking firm Barclays paid $400 million for a 20-year naming rights deal to Barclays Center, a venue that had not yet broken ground and whose developers were dealing with local, city and state lawsuits.

In May 2010, the project was jump-started when Russian businessman Mikhail Prokhorov brought an international flavor to the Nets and Barclays Center when he acquired 80% of the franchise from Bruce Ratner and 45% of the arena from Forest City Ratner Cos.

Now, a year from officially opening as the new home of the NBA’s Nets, Barclays Center already has booked 220 days annually for events including college hoops and hockey, tennis, boxing via Oscar de la Hoya’s Golden Boy Promotions, Disney-operated events and Ringling Bros. circus. Brooklyn-native Jay-Z, who is married to Beyoncé, is a minority owner of the Nets, so there will be concerts.

In addition to Barclays, founding partners include ADT, Cushman & Wakefield, Emblem Health, MGM Grand at Foxwoods, MetroPCS and Stolichnaya; and top-tier sponsors include Anheuser-Busch (Budweiser), Coca-Cola, Haier America, High Point Solutions, Izod, Optimum Lightpath and Willis.

Among the retail destinations, IZOD will operate a Nets team store within the venue. And there is a strong rumor that an international athletic footwear company would open its first U.S. retail store at Barclays Center.

In the second of a two-part interview, Brett Yormark, CEO of Nets Basketball and president and CEO of Brooklyn Sports and Entertainment, spoke with Big Lead Sports about the team, the transition and the tasks ahead.

Big Lead Sports: In 2007, Barclays acquired 20-year naming rights for $400 million, which doesn’t begin until the venue officially opens. Have they had five years worth of free media value?

Brett Yormark: Barclays has been a partner of ours in New Jersey at the Izod Center, now at the Prudential Center and, of course, as we transition to Brooklyn. I would say they are our most significant and important partner. The alliance is about creating value. When we were discussing the naming rights relationship with Barclays, we showed them that if they came in early, we could define the name and the message well before opening. We have gotten the Barclays Center name out there, putting meaning behind it. Now, no one calls this anything but the Barclays Center, and that was by design.

BLS: Do all the founding partners and top-tier sponsors have category exclusivity?

BY: Yes. When you come on board as a significant partner of the Barclays Center, you come on as a partner for all events.

BLS: How much of an impact has Mikhail Prokhorov had on the team and the arena project?

BY: The partnership between Ratner and Prokhorov has been terrific. Many of our goals and aspirations are being met. Even pre-Prokhorov, our goal was to be a global enterprise. When Prokhorov came in, he only reaffirmed that goal. Being the first international and first Russian owner of an NBA franchise, he put us on a global stage. He accelerated that process for us. Our games are televised in Russia and we have a bit of a fan base there, which is terrific. Our head coach, Avery Johnson, just did a clinic there. We look at ourselves as the home team in Russia.

BLS: The NBA has been pushing development in China since the 2008 Olympics in Beijing. Isn’t Russia also ripe for NBA marketing?

BY: Absolutely. The NBA opened an office in Russia a little over a year ago. And with Prokhorov in the league, they already see it as a growth market, as we do. Last year, we opened a store-within-a-store concept with adidas, where our jerseys were being sold. In the future, you’ll see more of that.

BLS: What reaction have you gotten to using the name Brooklyn?

BY: We have done a lot of research. We know how important the brand of Brooklyn is. My feeling is that anything good you can find in this country, you can find in Brooklyn. We went out and tested the pickles, the knishes, the cheesecake, and the best of the best will be here. The main thing about Brooklyn from a marketing point of view is the diversification. It’s a marketer’s dream to be able to target so many ethnic groups that help to make the borough what it is. Our responsibility, our job is to make sure that everyone is welcomed at the Barclays Center. And that we communicate with each of them in a relevant way.

BLS: You have college hockey coming to Barclays Center, so it can be converted into a hockey arena. Any interest in having the New York Islanders move in?

BY: Let me just say that we can convert it to a hockey venue and have a great destination for professional hockey. And although it is not legalized in New York State, we can handle MMA when and if it is legalized.

BLS: The franchise has had players such as Julius Erving, Rick Barry, Darryl Dawkins, Buck Williams and Jason Kidd. Will there be an area that pays tribute to the Nets heritage?

BY: We want to pay our respects to the heritage of the brand. So we are thinking about how to do that. It presents an interesting opportunity for us.

BLS: Back at the Izod Center, you were able to take unused or under-utilized spaces and turn them into proactive real estate that brought in revenue. But you’ve built Barclays Center from scratch. Will you miss uncovering long-hidden areas that you can turn into assets?

BY: It’s funny you should ask that. Every month, I sit down with my GM and I ask him to walk me though the building [on the blueprints]. Every time I look at it on paper, I see a different space that I hadn’t seen. I’m auditing the building for inventory and opportunities all the time. Our building is about 670,000 square feet, and I think it’s fair to say that we will effectively use every square inch for something. That being said, I still look at it to find ways to better utilize the space.

BLS: One year out, what is your strategy?

BY: All of the key decisions are being made now. Every day, there are dozens of decisions to be made from an operational point of view, from a financial point of view, design, construction and from an overall business point of view. In addition, we are being mindful of the team and the arena and all those decisions, driving revenue, filling our suites, selling tickets, is transitioning the franchise from New Jersey, physically, to Brooklyn. But it’s exciting. Something we’ve been waiting for. Certainly we’ve had seven years to think about it. Now, as much as you think about it, you never know how it will unfold until it actually happens. Now it’s happening and we need to deal with it.

(For Part 1 of the Q&A with Brett Yormark, click here.)