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Jay-Z to sell his shares in Brooklyn Nets

Jay-Z, who owns a 0.15 percent stake in the pro basketball team, was instrumental in bringing them to Brooklyn from New Jersey.
jay-z nets stakeEnlarge
Jay-Z attends the game between the Brooklyn Nets and the Atlanta Hawks at Barclays Center on January 18, 2013. (Al Bello/AFP/Getty Images)

Rapper turned business mogul Jay-Z said Monday that he was sellling his stake in the Brooklyn Nets.

Jay-Z, who owns a 0.15 percent stake in the pro basketball team, was instrumental in bringing them to Brooklyn from New Jersey.

But the rapper must part ways after he launched Roc Nation Sports, a sports management agency.

National Basketball Association rules forbid having a stake in the team while representing athletes at the same time.

He talked about his decision on Lifeandtimes.com last weeek:

"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 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."

RocNation Sports' first athlete is Robinson Cano of the New York Yankees.

Jay-Z still owns a small stake in Barclay's stadium that he will keep.

 

 

http://www.globalpost.com/dispatches/globalpost-blogs/world-at-play/jay-z-sell-his-shares-brooklyn-nets