After announcing the launch of his new sports agency last Tuesday, a collaborative venture with Creative Artists Agency he's calling RocNation Sports, Jay-Z is selling off his relatively minor ownership stake in the Brooklyn Nets NBA team. The move is required if Carter wishes to be certified as an agent for the NBA.
While RocNation Sports' inaugural signee was New York Yankees four-time all-star Robinson Cano, it's all but assured that the business mogul and rapper will quickly move into the NFL and, obviously, the NBA.
Last week, Forbes predicted that the move by Carter was impending, with Sportscorp, Ltd.'s Marc Ganis saying his 0.15% ownership of the team would run up against NBA rules on salary caps, inter-team relationships and, primarily, that no player representatives can own any part of a team.
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.
According to Yahoo! Sports, CAA and RocNation Sports "aren't chasing a clock," though it's expected Jay-Z's exit from the Nets will be completed in time for the NBA draft in June. As Yahoo! points out, Carter wants to exit the Nets in "a way that is respectful to the organiziation."