Jay-Z Sell Nets to Become NBA Agent Week After Founding Roc Nation Sports
Jay-Z is reportedly selling his minority ownership of the Brooklyn Nets to be able to become an NBA agent in June, according to Yahoo Sports.
Jay-Z owns less than 1/15th of a percent of the Nets, according to the International Business Times. Forbes magazine reports that the rapper's stake in the Nets is worth about $350,000. from the team's worth of about $530 million.
It is believed that Jay-Z may sell his stake to Nets' owner Mikhail Prokhorov or trade it for more equity in the Barclays Center arena, according to Forbes.
Jay-Z is required to sell his share of the team if he wants to acquire a National Basketball Player's Association certification as an agent.
According to NBA rules, nobody who is affiliated with a player representation company can have ownership of a team in the NBA, reports Yahoo Sports.
Jay-Z, whose real name is Shawn Carter, launched Roc Nation Sports last week, an agency that Jay-Z himself hopes to be an agent for.
New York Yankees second baseman Robinson Cano and New York Giants' Victor Cruz are the first clients of Roc Nation Sports, which is affiliated with CAA.
In a statement, Jay-Z said, "Because of my love of sports, it was a natural progression to form a company where we can help top athletes in various sports the same way we have been helping artists in the music industry for years."
