Report: Jay-Z Sells Minority Ownership In Nets To Coach Jason Kidd

NEW YORK (CBSNewYork) -- Jason Kidd is no longer just a head coach.

He's an owner, too.

Sources have told the New York Post that rapper Jay-Z has decided to sell his minority ownership in the Brooklyn Nets to Kidd, who was hired as the team's head coach on June 12.

The newspaper reported that the future Hall of Famer will take over Jay-Z's .067 percent stake in the franchise for approximately $500,000.

When the entrepreneur and hip-hop mogul formed Roc Nation, an agency that represents athletes, he had to sell his shares in the organization that he helped move from New Jersey to Brooklyn.

"Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him," one source told the New York Post.

A representative of the Nets didn't get back to the newspaper for comment, nor did Kidd's spokesman or Nets Vice President of Public Relations Gary Sussman.

After the report came out, ESPN's Darren Rovell tweeted that a source confirmed to him that the coach is in fact buying Jay-Z's piece of the franchise.

Rovell also reported that while agents and players can't have ownership stake in a team, coaches are not prohibited from doing so.

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