Connect to share and comment

A global sports blog.

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

.

Featured Slideshow

Rio lagoon filled with 65 tons of dead fish

Heavy rains in Rio de Janeiro caused an ecological nightmare at the lagoon where Olympic rowing will take place in 2016, when 65 tons of dead fish were discovered earlier this week.