Jay-Z to sell stake in Brooklyn Nets

Sep 4 2013, 5:42am CDT | by Bang Showbiz

Jay-Z to sell stake in Brooklyn Nets

Jay Z is selling his stake in the Brooklyn Nets basketball team for $500,000.

The rap superstar has a minority share in the club - estimated to be .067 per cent - which he has decided to sell to coach Jason Kidd, according to the New York Post newspaper.

Jay had to get rid of his share after starting his own sports agency, Roc Nation, which began signing up players such as New York Yankees baseball star Robinson Cano and Oklahoma City basketball player Kevin Durant, leading to his two business ventures being deemed a conflict of interests.

A source said: "Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him."

The 'Holy Grail' rapper first got involved with the Nets - previously known as the New Jersey Nets - in 2003 after Drew Katz, the son of one of the Nets' principal owners, introduced him to the board on the advice of Kidd.

Although Jay has a small share he was heavily involved in the running of the club and even helped design the team logos and choose the Nets' stark black-and-white colour scheme, which had initially been objected to by the NBA.

Russian billionaire Mikhail Prokhorov bought 80 per cent ownership of the team in 2009 and was keen to use the hip-hop mogul to promote the Nets, even featuring in a series of billboard posters with him.

Kidd - who previously played as a point guard for the Nets - signed on as coach in June.

Source: Bang Showbiz

 
 
 

blog comments powered by Disqus

Latest stories

Marlon Brando’s Documentary Shows Never-Before-Heard Side of the Actor
Marlon Brando’s Documentary Shows Never-Before-Heard Side of the Actor
"Listen to Me Marlin" highlights personal tragedies and painful past of legendary actor
 
 
Kate Hudson and Michael Kors Watch Hunger Stop in 2015
Kate Hudson and Michael Kors Watch Hunger Stop in 2015
Celebrities Kate Hudson and Michael Kors are looking to break a cycle by putting an end to child hunger with the United Nations. The duo are pairing up for a limited-run from his Bradshaw 100 watch collection.
 
 
Bobbi Kristina Brown Dead at 22
Bobbi Kristina Brown Dead at 22
The daughter of Whitney Houston and Bobby Brown was in hospice care after months of medical treatment
 
 
Michael Fassbender and Jennifer Lawrence Dress Up Casually for The Big Lebowski
Michael Fassbender and Jennifer Lawrence Dress Up Casually for The Big Lebowski Reading
"The X-Men" star and "Hunger Games" actress were reading the script of "The Big Lebowski" in Just For Laughs alongside many other celebrities