Jay-Z Explains Reason for Selling Brooklyn Nets Stake

April 19, 2013 |  by  |  sports  |  Share
Jay-Z Explains Reason for Selling Brooklyn Nets Stake

    Via

    Now that Jay-Z has entered the sports agency game, he can’t also be an NBA owner if he wants to represent professional basketball players. In a letter on his website Life and Times, the rapper clarified why he’s selling his stake in the Brooklyn Nets. His newly launched sports agency, Roc Nation Sports, signed New York Yankees all-star Robinson Cano as its first client earlier this month. Representing an MLB player isn’t against NBA rules, but Jay-Z would be unable to represent an NBA player while being an owner in the league. By selling off his shares, he can court basketball players as clients.

    “Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists,” Jay-Z wrote. “For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets.”

    Jay-Z was the most visible figure in the investment group that brought the Nets from New Jersey to his native Brooklyn, and was active in the marketing and launch of the team this past season. But according to Forbes, his stake in the $530 million team shrank from 1.5 percent to less than one percent, with an estimated value of about $350,000.

    Still, Jay-Z said it wasn’t about business, but rather about his love for his borough. “It was never about an investment; it was about the Nets and Brooklyn. My job as an owner is over but as a fan it has just begun,” Jay-Z wrote, thanking the team’s owner, Mikhail Prokhorov, and others. “A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.”

    Jay-Z’s stake already has a taker: Reddit co-founder Alexis Ohanian, who lives in Brooklyn, is interested in becoming a Nets minority owner. “I have tried to make as many public and private overtures as I can to let Hova know that I would absolutely be honored to buy those shares,” Ohanian said on Bloomberg’s “Money Moves,” as noted by SB Nation’s Nets Daily. He even joked on Reddit that he’d make all the players participate in the site’s popular Ask Me Anything (AMA) series.

Share This:

 


Speak on it

Recent Posts
Addicted 2 Candi Live: Episode 3-

Addicted 2 Candi Live: Episode 3-“Back With The Jump Off” (LISTEN)

05/24/2017  |  No Comments

05/24/2017

    Your girl Candi is back with the jump off! On Episode 3 Candi chats with her homegirls & homeboys after taking a little break. She touches on the male romper, lil Uzi Vert, Trump, Police brutality plus more. As always the jokes are on deck so press play & enjoy the show. Be sure to leave a review and share your feedback.
    Click HERE to listen to new episode.
    Thanks for tuning in. Xo
    Follow on Instagram @Addicted2Candii
more

ICYMI: @NickiMinaj Talks Nas Rumors + More On The Ellen DeGeneres Show (WATCH)

ICYMI: @NickiMinaj Talks Nas Rumors + More On The Ellen DeGeneres Show (WATCH)

05/24/2017  |  No Comments

05/24/2017

    Ellen is really one of the greats when it comes to interviewing guest. Nicki Minaj recently stopped by and Ellen brought up Nas & Nicki Minaj admitted that she and Nas have had sleepovers...hmmmmm. She also chatted about her Billboard Music Awards performance, Ellen's inclusion in her new song, "No Frauds." & more. Check out the full interview below.
more

The Power Of Twitter: Rihanna & Lupita Nyong'o Viral Meme Will Come To Life Via Netflix

The Power Of Twitter: Rihanna & Lupita Nyong’o Viral Meme Will Come To Life Via Netflix

05/22/2017  |  No Comments

05/22/2017

    I guess it's safe to say memes really do come true. After a meme of Rihanna and Lupita Nyong’o sitting front row at a Miu Miu fashion show went viral, request to have it made into a film has been answered. The movie is set to be Directed by Ava DuVernay (Selma) and Issa Rae (Insecure) will write the screenplay.
    read more inside
more

Vans Sk8-Hi Slim & Authentic In 'Metallic Glitter'

Vans Sk8-Hi Slim & Authentic In ‘Metallic Glitter’

05/22/2017  |  No Comments

05/22/2017

    If you love the color pink and you think that glitter makes everything pretty! This new “Metallic Glitter” design from Vans is for you. The Sk8-Hi Slim and the Authentic silhouettes are pink from top to bottom, and features a pink sole that shimmers with glitter. Super cute kick for the summer. Click here to shop now.
more