Jay Z will no longer maintain minority ownership in the Brooklyn Nets after selling his small stake in the team to new head coach Jason Kidd, the New York Post reports.
When Jay Z started Roc Nation Sports, an agency already representing several high-profile athletes, including Oklahoma City Thunder superstar Kevin Durant, it created a conflict of interest. The report states the other owners preferred Kidd as the new minority owner.
We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000. A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”
Jay Z played a key role in the rebranding of the franchise as it made the transition from New Jersey to Brooklyn and overhauled its look. The Post states he also helped the team appeal to players as it was attempting to develop into a title contender.
As he exits the minority ownership role, the Nets are in markedly better shape. They have one of the best starting lineups in the league, at least on paper, with Deron Williams running the point for Joe Johnson, Paul Pierce, Kevin Garnett and Brook Lopez.
So it’s hard to call Jay Z’s stint as an owner anything other than a success, even while holding only a small stake in the team. But the sports agency clearly was going to cause problems, leaving no choice but to sell. By reportedly selling to Kidd, it shows the team is really going all in with its new coach. He helped lead the team to great heights on the court during the early 2000s, and the Nets hope he can do the same while on the sidelines.
As if he needed any more motivation, he’ll now hold stake in the franchise’s successes or failures.
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