The New Jersey Nets NBA franchise has signed a new sponsorship deal with Chinese electrical appliance company Haier.

The Nets, run by an ownership group that includes Bruce Ratner and hip hop entrepreneur Jay-Z, plan to move to a new arena in downtown Brooklyn. The recession has delayed those plans somewhat and the earliest the franchise can expect to move is 2011.

The deal with Haier would see the company open a store at the Nets' new arena as and when it opens.

British bank Barclays has a tentative agreement in place for stadium naming rights at the new US$950 million, 22-acre site in the heart of New York city. That deal is worth some US$400 million to the Nets.

Haier will join eight other 'founding partners' at the new arena. Those deals, worth over US$100 million collectively, are with the likes of Anheuser-Busch, Cushman & Wakefield, Emblem Health and Phillips-Van Heusen. Haier's is believed to be on a similar scale, making it an eight-figure haul for the Nets.

The deal is yet to be confirmed by either party but is expected to be officially announced within the next few days. Brett Yormack, chief executive of the New Jersey Nets, would only say: "We know the folks at Haier, no question about it."

According to a groundbreaking study by SportsPro magazine, the Nets, who recorded an operating loss of US$900,000 from overall revenues of US$98 million in 2008, are the 163rd most valuable sports property in the world.