New York Yankees owner Hal Steinbrenner spoke with reporters in a video conference call, offering a detailed explanation of the team’s payroll expectations for 2026, the club’s major operating costs, and his position on possible changes to Major League Baseball’s economic structure. His comments followed a season in which the Yankees carried one of the largest payrolls in the sport and entered an offseason involving qualifying offers, free-agent decisions, and industry discussions about spending rules across the league.

Steinbrenner Explains $319M Payroll and 2026 Plans

Steinbrenner stated that the Yankees finished the season at $319 million in payroll, according to reporting from The New York Post’s Greg Joyce. When he was asked whether the team could spend less in 2026, he responded with a clear explanation of the situation, “Would it be ideal if I went down [with the payroll]? Of course. But does that mean that’s going to happen? Of course not. We want to field a team we know we believe could win a championship.”

General manager Brian Cashman, speaking at the general manager meetings, said the Yankees had not yet provided him with a specific payroll number for the winter. He described the offseason as a process of understanding which players were available and at what cost, and said that the $22 million qualifying offer accepted by outfielder Trent Grisham would not interfere with the team’s pursuit of free agent Cody Bellinger:

“I think we’re in a good spot… The job right now is to find out what’s available, and those all have different price points… It just depends on how things shake out and what opportunities present themselves.”

Sportsbooks posted futures shortly after the season ended, and the Yankees appeared near the top of the boards. Across major betting outlets, the Yankees were consistently listed as the second favorite to win the 2026 World Series, typically in the +700 to +800 range, behind the Los Angeles Dodgers, who won their second straight World Series by defeating the Toronto Blue Jays in seven games. Books also placed the Yankees among the leading contenders to win the American League, and Aaron Judge appeared as an early AL MVP favorite around +300.

Steinbrenner Addresses $100M NYC Payment and Profit Claims

When asked about the belief that the Yankees, often described as Major League Baseball’s most valuable franchise, operate with consistent profits, Steinbrenner gave a direct answer through MLB reporter Bryan Hoch. He said the claim was inaccurate and stated that discussions about revenue overlook the scale of the team’s financial obligations.

“Everybody wants to talk about revenues. They need to talk about our expenses, including the $100 million dollar expense to the City of New York that we have to pay every February 1, including the Covid year. So it all starts to add up in a hurry,” he said.

He also stated that these costs do not change the team’s overall spending profile, saying the Yankees have “always” been among the highest payroll clubs and “always will be.”

At the end of the regular season, excluding contract bonuses, the Yankees carried a $301 million payroll and faced a projected $62 million luxury tax bill. The team has paid the luxury tax in 21 of 23 seasons, with payments that total more than $500 million since the system began in 2003.

Steinbrenner Discusses Salary Cap, Salary Floor, and 2026 CBA

During the call, Steinbrenner was asked whether he supports a salary cap in the next collective bargaining agreement. He said, “I don’t feel like I’m in position right now research-wise, knowledge-wise to answer that question.”

He did say he might support a cap if it included a salary floor, describing a floor as something that could improve competitive balance if structured in a reasonable way. He said many fans believe the league has not made enough progress in this area, though he said some improvements have occurred over the past decade.

The league’s current collective bargaining agreement expires on December 1, 2026. During the last round of negotiations, MLB’s owners carried out a lockout that lasted 99 days before the sides reached a five-year deal on March 10, preserving a full 162-game season that began one week late.

Baseball players have experienced nine work stoppages, including the 7½-month strike in 1994–95, which stopped a prior salary cap proposal.

Qualifying Offers, Free-Agent Targets, and Next Plan

The Yankees’ offseason officially began when Trent Grisham accepted the $22 million, one-year qualifying offer. He was one of four players to accept a qualifying offer this year, along with:

• Gleyber Torres, Detroit Tigers second baseman
• Shota Imanaga, Chicago Cubs left-hander
• Brandon Woodruff, Milwaukee Brewers right-hander

The Yankees are also expected to pursue Cody Bellinger, who earned $27.5 million last season. When the Cubs traded Bellinger to New York, they sent $5 million to the Yankees as part of the terms of his $80 million, three-year contract, which includes two player options. In his season with New York, Bellinger batted .272, hit 29 home runs, and recorded 98 RBIs.

Looking ahead, Steinbrenner said payroll levels could change year to year depending on available opportunities, “It doesn’t mean they won’t go slightly down one year and then up the year after that. It all depends on what’s out there and what possibilities are and how much I feel we’re able to or we need to pull the trigger on those possibilities.”

The Yankees are expected to discuss a payroll range before the Winter Meetings as they evaluate outfield additions, pitching depth, and other roster needs. The club has not won the World Series since 2009 but continues to operate with one of MLB’s highest payrolls and remains positioned to pursue players capable of shifting the roster into championship contention.

The news arrived less than an hour after the New York Giants became the first NFL team eliminated from postseason contention. Soon after, the New York Mets traded Brandon Nimmo to the Texas Rangers for Marcus Semien in a direct one-for-one exchange.

The trade followed the Mets’ September 29 season-ending press conference, where president of baseball operations David Stearns repeatedly used the term “run prevention” and made clear that roster changes were coming.

A Veteran-for-Veteran Deal Breaks from Sentiment

For fans, this trade looked like a “change of scenery” move. But Nimmo’s 14-year connection to the Mets added an emotional weight. He was known for being friendly to everyone, fans, media, teammates, and always available to explain or clarify anything asked of him. Even so, the Mets’ final record of 83-79 and their estimated $340 million payroll, which came with a luxury tax bill of about $90 million, left little room for decisions based on nostalgia.

Nimmo had completed three seasons of the eight-year, $162 million contract he signed after reaching free agency for the first time following a stronger 2022 regular season and a disappointing postseason. But moving on from sentimental players is not unusual in New York sports.

New York sports history is full of emotionally charged trades. After the 1974 season, the Yankees traded Bobby Murcer to the San Francisco Giants for Bobby Bonds. Murcer struggled with the hitting environment at Shea Stadium that year, while Bonds entered the trade after three straight seasons with at least 40 steals. In his lone year with the Yankees, Bonds hit .270 with 32 home runs, 85 RBIs, and 30 steals. Murcer later returned in 1979 and produced the game-winning hit off Tippy Martinez in the game after Thurman Munson’s funeral. Bonds’ performance with New York eventually helped the Yankees acquire Ed Figueroa and Mickey Rivers, both key contributors to their title teams.

Earlier examples include the Dodgers trading Jackie Robinson to the Giants after the 1956 season. Robinson, 37 and coming off a .275 year, chose to retire rather than report to the Giants. In 1977, the Mets moved Tom Seaver to the Cincinnati Reds during a dispute involving chairman M. Donald Grant. The Mets did not begin winning consistently again until 1984.

Marcus Semien’s Arrival and What the Mets Are Banking On

For the Mets, the present is centered on Marcus Semien, who arrives with a long track record suggesting he can contribute to their next successful era. Semien, entering his age-36 season, is a two-time Gold Glove winner and one of MLB’s most durable infielders.

He debuted in 2013 after being selected by the Chicago White Sox in the sixth round of the 2011 draft. His career has taken him to the White Sox (2013–14), Oakland Athletics (2015–20), Toronto Blue Jays (2021), and Texas Rangers (2022–25). His breakout came in 2021 with Toronto, where he posted a .265/.334/.538 slash line, hit a career-high 45 home runs, and tallied 102 RBIs—a season that earned him All-Star honors and a Silver Slugger award.

His performance helped him land a seven-year, $175 million contract with Texas as part of a $500 million infield overhaul alongside Corey Seager. Semien hit .276 with 29 home runs and 100 RBIs in 2023, helping Texas win its first World Series title.

But his production dipped sharply afterward. In 2024, he batted .237, and in 2025, he hit .230 with 15 home runs and 62 RBIs across 127 games—his lowest full-season home run total since 2018. His season ended after he fouled a ball off his foot on August 18 in Kansas City, sidelining him for the final 5.5 weeks.

Defensively, however, he remained one of baseball’s best. Semien won his second Gold Glove in 2025 with +7 Outs Above Average, ranking in the 92nd percentile at second base. Over 1,629 career games, he holds a .253 batting average, 253 home runs, and 801 RBIs.

According to ESPN on November 23, 2025, team sources said, “The acquisition of Semien—who won his second Gold Glove this year—aligns with president of baseball operations David Stearns’ primary goal this winter of improving run prevention.”

MLB Trade Rumors added the next day that Semien also brings a needed right-handed bat to a lineup that “leaned left” and has now lost an everyday left-handed hitter in Nimmo.

Stearns stressed “defensive excellence as our north star” during a November 22 press conference, as reported by the New York Post. SNY analysts Steve Gelbs and Andy Martino called the trade a “bold pivot toward contention” during their November 23 broadcast, praising Semien’s durability even after an age-35 offensive dip.

SI.com on November 23 rated the deal a B+ for New York, noting that its “defensive gains outweigh offensive tweaks.”

Semien is expected to hit second or third in the Mets’ order and form a strong middle-infield partnership with Francisco Lindor. Nimmo’s departure opens flexibility in the outfield for prospects or free agents and allows resources to shift toward pitching or corner positions.

On the other side, Texas adds Nimmo’s bat to help improve their .234 team average from 2025. They must now find a second baseman to replace Semien as they try to build on an 81-81 season. Outside of 2023, the Rangers have not recorded a winning year since 2016.

How Betting Markets Positioned Both Teams

Sportsbooks adjusted the Mets and Rangers within existing ranges for 2026. DraftKings lists the Mets at +1500 for the 2026 World Series. FanDuel previously had them at +1100, and BetMGM opened them at +1400. ESPN, CBS, Oddsshark, and Oddspedia list them between +1100 and +1500.

The Rangers appear between +3000 and +4000 across DraftKings, BetMGM, FTN, and Oddsshark. Their position reflects their 81–81 record and recent roster decisions, including non-tendering Adolis García, Jonah Heim, and Josh Sborz. The Nimmo–Semien trade did not produce significant changes on its own, and analysts indicated that further Mets moves would influence any shift in odds.

Why Texas Moved On, and Why the Mets Must Keep Going

Texas’s willingness to trade Semien also shows that sentiment played no part in their decision. Even though he wasn’t a homegrown Ranger, he contributed to their 2023 title run. Yet the Rangers also non-tendered Adolis García, Jonah Heim, and Josh Sborz—the pitcher who recorded the final out of their World Series win after García’s powerful postseason helped fuel the team’s path to the championship.

For the Mets, the Nimmo-for-Semien swap only makes sense if more major moves follow. Nimmo hit 25 home runs and drove in 92 runs in 2025. Trading that production for a 35-year-old coming off his weakest offensive season is a clear risk unless the Mets add significant help elsewhere.

The team has several paths to justify the gamble.

Signing Kyle Tucker

Before the trade, pursuing Kyle Tucker did not fit. Nimmo and Juan Soto were set to occupy the corner outfield spots for the next five years. But with Nimmo gone, the chance to “back the Brinks truck” for Tucker is open.

Tucker’s 2025 season with the Chicago Cubs was not what he wanted, but he still started the All-Star Game and won a Silver Slugger. He played at an elite level during the first half before a hand injury limited him. His bat is significantly stronger than Nimmo’s, and even with defensive setbacks, he offers a powerful offensive upgrade.

Re-signing Pete Alonso

Re-signing Pete Alonso has always been a priority, and the Semien trade makes it even more pressing. Alonso remains one of MLB’s weakest defensive first basemen, but Semien’s range at second base covers more ground than Jeff McNeil’s, making Alonso’s defense easier to manage.

Alonso signed a two-year deal that paid him $27 million in 2025 and included an opt-out. The Mets’ statement on that agreement used the terms “homegrown talent” and “adored.” His go-ahead home run in the ninth inning of the 2023 wild-card series in Milwaukee against Devin Williams remains one of the franchise’s iconic moments.

If the club could trade someone as beloved as Nimmo, it is possible they could let Alonso leave, unless they act quickly.

Trading for an Ace

The Mets have a surplus of middle infielders: Lindor, Semien, and prospects Jett Williams and A.J. Ewing. Williams, a top-30 prospect per MLB Pipeline, could headline a trade for a controllable frontline starter.

Possible targets include pitchers like Tarik Skubal or Joe Ryan. The Mets do not want to rush into parting with Williams or Ewing, but if trading one helps secure an ace, the idea gains logic, especially now that middle-infield depth is even deeper.

The New York Knicks enter the season with what is described as their best roster in roughly twenty years. Jalen Brunson and Karl-Anthony Towns are the team’s leading scorers, and Mikal Bridges and OG Anunoby occupy the forward positions. The organization is focused on winning a championship this season, and its roster has been constructed around that pursuit.

As the Knicks progress through the season with this goal in mind, league attention has begun to focus on the situation involving Dallas Mavericks center Anthony Davis. Although Mavericks minority owner Mark Cuban told The Athletic’s Joe Vardon, “we won’t” trade Davis, additional reporting states that teams are expected to evaluate the possibility if Dallas decides to take trade discussions further.

Knicks Expected to Initiate Contact if Dallas Opens Trade Conversations

On Saturday, SNY’s Ian Begley said he believes the Knicks would “at least check in” if Davis becomes available. Begley explained, “You may scoff at the idea, but the Knicks want to win a title this season. If Dallas is offering Davis at a below-market cost, I’m sure the Knicks will at least give the move some thought.” He added, “The Mavs will get calls from nearly all NBA teams if/when they make Davis available.”

During their postseason run when they took a 2–0 series lead over the Boston Celtics, the Knicks’ championship odds moved into the league’s upper tier, reaching the fifth-best odds to win the NBA Finals. Entering this week, aggregated futures listed New York around +900 to win the title. Ahead of their recent game against the Brooklyn Nets, New York was positioned as a -13 favorite, with a -850 moneyline and a total of 228, consistent with the Knicks’ 9–6 record and the Nets’ 3–13 record.

Dallas’ Poor Start and Davis’ Limited Availability Shape the Situation

The Mavericks are 5–13 following a home loss to the Memphis Grizzlies, who were without Ja Morant and Jaren Jackson Jr. Injuries have been a constant issue for Dallas since trading away Luka Doncic, and these problems contributed to Nico Harrison being fired a few weeks into the season.

Davis has played a limited number of games since arriving in the Doncic trade, appearing in 14 of a possible 51 games, though reports note that Davis has been healthy enough to appear in only 14 of 48 regular-season games because of adductor and calf setbacks.

Given the circumstances, betting markets have seen a change. Sportsbooks list Dallas at +25000 to win the NBA Finals, +12500 to win the Western Conference, and +25000 to win their division, meaning the Mavericks are near the bottom of the league’s futures boards.

Davis’ individual props, which adjust frequently based on his status, continue to draw attention when he is active. One recent rebound prop carried a -136 price on one side, supported by projections estimating 13.1 rebounds for that performance.

Reporting Indicates Dallas Will Listen to Offers

Further clarity came from Marc Stein, who wrote, “League sources say that the Mavericks still intend to field any trade interest in Davis that emerges over the next two-plus months with the prospect of an actual trade obviously dependent on offer quality.” Stein reiterated Davis’ limited availability, stating that he has appeared in 14 of 48 regular-season games due to the same injuries.

Taken as a whole, Dallas’ record, injuries, and internal changes have established the conditions under which the organization is willing to consider incoming interest.

Possible Fit and the Structural Barriers to a Deal

If the Knicks evaluate a potential trade, they would need to consider both on-court and financial factors. Davis could contribute to the Knicks’ defense, which is identified as an area where Towns struggles. Both players are above-average rebounders. Offensively, the two have a similar profile, although Towns is identified as the better three-point shooter, which could affect spacing.

Executing a trade would require significant adjustments due to Davis’s salary of $54 million. A Knicks package centered on Josh Hart and Mitchell Robinson is described as leaving New York “well short.” Both teams are second apron teams, adding further restrictions.

The Knicks have a 2026 first-round pick, but they will not make a 2027 first-round selection unless they acquire one through a trade. Much of their previous draft capital was used in the Mikal Bridges trade.

Because of these constraints, most scenarios would require Karl-Anthony Towns to be included to match the salary. A third team, such as the Brooklyn Nets, could be needed to distribute contracts. New York’s collection of second-round picks could help facilitate a multi-team structure.

The Brooklyn Nets franchise has moved through multiple names, arenas, states, and eras since it was founded. It began as the New Jersey Americans in the ABA (American Basketball Association), became the New York Nets, then the New Jersey Nets in the NBA, and now plays as the Brooklyn Nets in the Atlantic Division of the Eastern Conference at Barclays Center in Brooklyn, New York.

Today, we’ll explore the team’s full journey: its relocations across states, rebrands, the evolution of the Brooklyn Nets logo and colors, and the exact timeline of when and why the Nets moved to Brooklyn.

Quick Timeline of the Nets Franchise

• 1967: Founded as the New Jersey Americans in the ABA.
• 1968–1976: Became the New York Nets, bouncing around arenas on Long Island.
• 1974 & 1976: Won two ABA championships behind Julius “Dr. J” Erving.
• 1976: Joined the NBA in the ABA–NBA merger.
• 1977–2012: Relocated and rebranded as the New Jersey Nets, playing in Piscataway, then the Meadowlands, and later Newark.
• 2002 & 2003: Led by Jason Kidd, reached back-to-back NBA Finals.
• 2012: Moved to Brooklyn, adopted a new black-and-white identity, and became the Brooklyn Nets.

From New Jersey Americans to New York Nets (1967–1973)

The franchise began on February 2, 1967, as the New York Americans in the ABA. Venue complications pushed their first season to the Teaneck Armory in New Jersey, creating the unofficial identity of the New Jersey Americans. Seeking stability, the team rebranded as the New York Nets before the 1968–69 season, playing across Long Island at venues such as Island Garden and later Nassau Veterans Memorial Coliseum, where they moved in 1972.

The turning point arrived on June 20, 1973, when the Nets acquired Julius Erving. His arrival elevated them into ABA contenders, culminating in championships on May 4, 1974, and May 13, 1976, the latter being the ABA’s final title before the merger.

The ABA–NBA Merger and Return to New Jersey (1976–1981)

When the ABA–NBA merger took place on August 5, 1976, the Nets paid $3.2 million to enter the NBA. Days later, the Knicks demanded a $4.8 million indemnity fee for sharing the New York market. Unable to meet both costs, owner Roy Boe sold Julius Erving to Philadelphia on October 20, 1976.

After a 22–60 debut NBA season, financial strain pushed the team to relocate. Following a legal dispute with the Knicks and a settlement finalized in October 1977, the franchise became the New Jersey Nets, playing temporarily at the Rutgers Athletic Center while awaiting a permanent arena.

Meadowlands Era and Early NBA Success (1981–1986)

The Nets’ long-awaited home arrived on October 30, 1981, when they moved into Brendan Byrne Arena at the Meadowlands. That same year, they drafted Buck Williams, who won Rookie of the Year and led the team to one of its most stable stretches.

From 1982 to 1986, the Nets delivered consistent winning seasons and, on April 26, 1984, secured their first NBA playoff series victory. However, suspensions, injuries, and coaching changes gradually slowed the team’s rise, setting the stage for a difficult decade.

Setbacks and Missed Opportunities (1986–1990)

The late 1980s were defined by instability. On February 25, 1986, star guard Micheal Ray Richardson received a lifetime ban for drug violations. Darryl Dawkins’ repeated injuries and the ill-fated decision on June 22, 1987, to draft Dennis Hopson over future stars derailed long-term plans.

By April 1990, the Nets finished with a 17–65 record, one of the lowest points in franchise history, and a sign that another rebuild was unavoidable.

A New Core and Tragedy (1990–1996)

The Nets began fresh by drafting Derrick Coleman on June 27, 1990, and Kenny Anderson on June 26, 1991, then acquiring Dražen Petrović. Their talent pushed New Jersey back into the playoffs in 1992 and 1993, but the run was cut short when Petrović died in a car accident on June 7, 1993.

Despite flashes of success, internal issues and inconsistent leadership weakened the roster, and by 1996, the team again sat near the bottom of the standings.

Rebranding and the Road to Jason Kidd (1996–2001)

On June 25, 1997, the Nets introduced a modern 3D shield logo and debuted a retooled roster built around Sam Cassell, Kerry Kittles, and Keith Van Horn. Injuries and coaching changes prevented sustained progress, and the team continued to hover below contention.

Everything shifted when Rod Thorn became team president on June 2, 2000, laying the groundwork for the most successful period in Nets NBA history.

The Jason Kidd Era and Back-to-Back NBA Finals (2001–2004)

The Nets transformed on June 28, 2001, when they traded for Jason Kidd. With Richard Jefferson, Kenyon Martin, and Kerry Kittles, the Nets surged to a 52–30 record and reached their first NBA Finals on June 1, 2002. They returned the next season, winning the Eastern Conference again on May 22, 2003, before falling to the Spurs.

By 2004, injuries and roster turnover slowed the group. Coach Byron Scott was dismissed on January 26, 2004, and although the Nets still reached the postseason, their Finals window had closed.

Vince Carter, Transition, and the End of the New Jersey Era (2004–2012)

On December 17, 2004, the Nets acquired Vince Carter, ushering in a new competitive phase. Mid-2000s teams regularly reached the playoffs, but lacked the depth to replicate the Kidd-era success. As contracts expired and ownership shifted toward the Brooklyn project, the roster broke apart.

The low point came in the 2009–10 season, when the Nets started 0–18 (an NBA record) and finished 12–70. Ahead of relocation, they played their final New Jersey home game on April 23, 2012, and their final game as the New Jersey Nets on April 26, 2012, when Johan Petro scored the last points in team history in a 98–67 loss to Toronto.

Ownership, Atlantic Yards, and the Move to Brooklyn (2004–2012)

The path to Brooklyn began years earlier when developer Bruce Ratner purchased the Nets on January 21, 2004, intending to relocate the franchise as part of the Atlantic Yards redevelopment in Brooklyn. The proposed arena sat near the site once considered for a Brooklyn Dodgers stadium. After years of lawsuits and delays, Barclays Center finally broke ground on March 11, 2010.

On September 26, 2011, Jay-Z officially announced at a press event in Brooklyn that the team would become the Brooklyn Nets when it relocated for the 2012–13 season. The full rebrand was then unveiled on April 30, 2012, introducing a minimalist black-and-white color scheme and two primary logos inspired directly by 1950s New York City subway rollsigns, including a shield design and a circular “B-ball” emblem.

The branding resonated immediately. Within the first 48 hours, NBA Store merchandise sales were reported to be ten times higher than comparable periods during the franchise’s New Jersey era.

Brooklyn’s First Seasons and a New Image (2012–2016)

The Nets debuted in Brooklyn with their first home game on November 3, 2012, beating Toronto. Their postponed opener vs. the Knicks, delayed by Hurricane Sandy, was played on November 26, 2012.

Seeking immediate contention, the Nets traded for Paul Pierce and Kevin Garnett on July 12, 2013, surrendering multiple first-round picks. The gamble produced short-term playoff success but crippled future drafts. By 2016, the franchise had shifted into a full rebuild.

The Rebuild, Surprise Playoff Return, and the Stars Arrive (2016–2020)

A full organizational reconstruction began on February 18, 2016, when the team hired Sean Marks as general manager. Kenny Atkinson joined as head coach on April 17, 2016, and together they built a development-focused program. Without meaningful draft picks because of the 2013 trade, the Nets relied on undervalued players, strong culture, and smart scouting.

Their patience paid off in 2018–19, when D’Angelo Russell became an All-Star, and the Nets returned to the playoffs on April 7, 2019, finishing 42–40.

Momentum carried into free agency when Kevin Durant and Kyrie Irving announced their commitments on June 30, 2019, joining the Nets officially on July 7, 2019.

The Durant–Irving–Harden Superteam and Its Collapse (2020–2023)

On January 14, 2021, the Nets traded for James Harden, forming a historic offensive trio. Despite flashes of dominance, injuries and off-court issues derailed cohesion. The Nets lost a heartbreaking Game 7 to Milwaukee on June 19, 2021, remembered for Durant’s toe-on-the-line shot.

The following season saw Kyrie Irving sidelined due to vaccine mandates, Harden requesting a trade on February 10, 2022, and Durant repeatedly seeking exits. By February 9, 2023, both Durant and Irving had been traded, ending the era.

Reset and Long-Term Planning (2023–Present)

After the departures of Kevin Durant and Kyrie Irving, the Nets shifted their focus fully toward assets and development. They hired Kevin Ollie as interim head coach on February 20, 2024, and then named Jordi Fernández the permanent head coach on April 22, 2024, signaling the start of a new direction.

The organization moved further into its rebuild on June 21, 2024, when it traded Mikal Bridges to the New York Knicks for a substantial return of future draft picks and movable contracts.

Ahead of the 2025–26 season, Brooklyn acquired Michael Porter Jr. and Terance Mann and brought in several rookies from a deep draft class, reinforcing a long-term approach built on flexibility, player development, and sustainable roster growth.