Reports: Jay-Z To Sell Stake In Brooklyn Nets
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NEW YORK (CBSNewYork) — Jay-Z is looking to sell his small stake in the Brooklyn Nets so his player representation company can expand into the NBA, according to multiple reports.
The rap mogul flexed his muscle as a cultural icon during the team’s move last year from New Jersey to Brooklyn. He came up with the Nets’ black-and-white look and revealed the club’s official jersey during a concert at Barclays Center in September.
Now Jay-Z’s empire has expanded into the representation business with Roc Nation Sports. And if he wants to get into basketball, league rules say he must get rid of his share of the Nets.
“I would say (Jay-Z) had an enormous amount to do with the re-branding of the team,” Nets coach P.J. Carlesimo said Tuesday, according to the New York Daily News. “I was not close to it at all, but from what I heard and what I read and saw, he was huge — it would be hard to overstate how important he was to the rebranding. … I would be disappointed. I like his involvement with our team.”
Selling his piece of the team is a “prelude for Jay-Z to obtain his National Basketball Players Association certification as an agent,” Yahoo! Sports reported.
Jay-Z is “expected” to sell his stake by June’s NBA draft, a prospect that has other agents “anxious” about the potential of the 43-year-old recruiting top talent, Yahoo! Sports reported.
The site added that Jay-Z — born as Shawn Carter — would handle marketing and business affairs, while other agents would work on contract talks and “day-to-day” affairs.
Jay-Z wouldn’t be required to sell his share of Barclays Center, according to the Daily News.
It’s believed he owns less than 1 percent of the Nets.
Will Jay-Z’s Roc Nation Sports make a HUGE splash in the NBA? Be heard in the comments…