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

 
 
 

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