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.