The New Jersey Nets have needed a new home, whether in Newark or Brooklyn or your backyard, and good news that’s been expected for a while is finally materializing: The team will, temporarily at least, play in what InsideHoops.com considers a terrific basketball arena in Newark, New Jersey.

The Newark Star-Ledger reports:

The Nets are making a fast break to Newark.

After months of speculation over whether the struggling NBA team would leave Izod Center in the Meadowlands for a two-year stay at the new Prudential Center in Newark, a deal was struck today to allow the Nets to break their lease for $4 million and move to Newark, according to officials involved in the negotiations.

The early termination fees could be offset in part by advertising, suite revenue and other credits.

The agreement came after the New Jersey Sports and Exposition Authority voted in secret to approve the deal at a special meeting this morning. A formal announcement is expected later today by Gov. Chris Christie.

The plan will have the Nets and Devils playing together in the state’s largest city. The move is temporary, with the Nets still planning to move to a new arena in Brooklyn by the start of the 2012 basketball season.

We consider this fantastic news, for the Nets and all basketball fans around the area. Both New Yorkers and New Jersey residents will find it easier to get to the arena. InsideHoops.com attended a Nets preseason game in the Prudential Center, and we loved the building. It’s clean, a great basketball arena, and very easy to get to by public transportation.

UPDATE: NETS CONFIRM TEAM WILL MOVE TO NEWARK

Brett Yormark, the Nets President and CEO, released the following statement regarding the Nets’ upcoming interim relocation to Newark’s Prudential Center, which will begin with the upcoming 2010-11 NBA season. This precedes the team’s permanent move to Brooklyn, planned for 2012.

“Our planned interim relocation to the Prudential Center in Newark represents one of the many positive steps to take place for Nets Basketball during the next few months. This temporary move not only gives our fans a state-of-the-art arena with the first-class amenities common in most NBA buildings, but also provides our players with a great atmosphere in which to play.

“Additionally, before we make our permanent move to Brooklyn, this interim relocation to Newark enables us to continue our goal to further regionalize the team, not only in Essex and Union Counties, but also in New York City due to the direct mass transit access available between Manhattan and the Prudential Center. We are confident that the NBA family will see this as a positive move, as we do. We look forward to being part of the community in Newark and will continue our extensive community outreach in the area.

“I would like to sincerely thank Governor Christie for his support and leadership in making our interim relocation to the Prudential Center a reality. I would also like to express my appreciation to Mayor Booker and Jeff Vanderbeek for their steadfast efforts throughout this process.”