Jay-Z announced that he will be selling his 0.15% ownership stake in the Brooklyn Nets, the pro basketball team he helped bring to his home borough from New Jersey.
Jay-Z launched Roc Nation Sports, a joint-venture sports management agency with Creative Arts Agency, at the beginning of April. Since National Basketball Association rules specify that agents can't represent professional athletes and also have a stake in a team, the move is required if the rapper wishes to be certified as an agent for the NBA.
Jay-Z discussed his decision in a statement posted on his Lifeandtimes.com site Thursday (April 18):
"Being a member of the Nets organization surpassed some of my greatest ambitions. 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. I'm a Brooklyn Net forever. It's been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team."
The statement went on to say, "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."
RocNation Sports' inaugural signee is New York Yankees four-time all-star Robinson Cano. However, it's all but assured that the business mogul and rapper will quickly move into the NFL and, obviously, the NBA.
While Carter is shedding his stake in the Nets, valued at about $350,000, his share of the Nets' Barclays Center home has grown; Forbes speculated that he transferred some of his Nets ownership to the arena. Carter owns 0.2% of Barclays, which works out to roughly $2 million of the billion-dollar complex.