Jay-Z Invests In Basketball Team

Rapper part owner of the New Jersey Nets.

With the NBA Board of Governors unanimous approval yesterday (Aug. 11) of the sale of the New Jersey Nets, Jay-Z is officially in the business of basketball.

The retiring rapper is a minority investor in an ownership group headed by real-estate developer Bruce Ratner that will reportedly pay an estimated $300 million for the team, now owned by Community Young Organization.

Ratner hopes to move the team from the Garden State to Brooklyn, N.Y., and into a new 19,000-seat arena. Plans for the venue and an office and residential complex have met mixed reaction from area residents.