Jay-Z is no longer a minority owner of the Brooklyn Nets after having sold his .067% (1/15th of a percent) stake in the team to new Nets coach Jason Kidd for about $500,000.
It’s a deal that we all knew was coming – the Brooklyn rapper needed to offload his ownership stake in order to be qualified to represent NBA players for his new sports representation group, Roc Nation Sports. Jay became a certified NBA and MLB agent back in June of this year.
Talk about a solid exit strategy for Jay – he becomes a minority owner of the New Jersey Nets, relocates the team to his hometown and becomes a major influence in the team’s rebranding, puts together (what should be) a championship contender, then relinquishes his small percentage for a cool half-million while he moves on to helping superstars sign lucrative deals in their respective sports.
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