+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Jay-Z Has Sold His Stake In The Brooklyn Nets

Apr 19, 2013, 18:50 IST

TNTJay-Z is officially selling his stake in the Brooklyn Nets so he can become an NBA agent.

Advertisement

He announced earlier this month that he was starting a sports agency called Roc Nation Sports and partnering CAA.

His agency signed Robinson Cano of the Yankees and Victor Cruz of the New York Giants, but to represent NBA players, Jay-Z had to divest his ownership stake in the Nets

In a statement on his Life+Times blog last night, he said he will always be a Nets fan:

Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.

Advertisement

The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net.

His stake was believed to be worth about ~$355,000.

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article