Hip-hop superstar and business mogul Jay-Z, is officially out as a minority owner of the Brooklyn Nets. Jay issued a statement on his Life+Times website that confirms he has sold his share of the team that he helped make one of the NBA‘s most popular franchises. The sale has been expected for several weeks, presumably as Jay is set to focus on his Roc Nation Sports management company.
“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,” he said in his official statement.
“My job as an owner is over but as a fan, it has just begun. I’m a Brooklyn Net fan forever,” he continued. “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 go to the fans. You are the lifeblood of any team.”
The NBA and the NBA Players Association prohibit an individual with an ownership interest to represent NBA players, so Jay’s stake with the Nets represented a conflict of interest and would have prevented Roc Nation Sports from gaining basketball players as clients. Having already made a mark with Major League Baseball, Jay is also in the process of applying for certification to become an official baseball agent and to also represent NFL players.