Jay-Z Sells His Share Of The NBA Brooklyn Nets To Jason Kidd
The 43 year old hip hop rapper-mogul announced that he is dropping his shares with the Brooklyn Nets in order to focus on building his new upcoming sports agency, Roc Nation Sports. He has decided to launch Roc Nation Sports which will join a partnership with CAA. Since the announcement, Jay-Z has been able to book the high-profile New York Yankee Robinson Cano. In order for him to gain more NBA recruits, Jay will have to forfeit his ownership, according to the league rules.
“The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net.”
According to reports, Jay-Z initially invested $1million, but his current share is said to only be worth around $355,000 based on projections.Rumor has it that he is allegedly giving up his minor percentage in the team to Jason Kidd for $500,000.