Jay-Z Sells Brooklyn Nets to Launch Roc Nation Sports

Rumors swarmed over the weekend that music mogul, Jay-Z was looking to sell his ownership share in the Brooklyn Nets to become a sports agent.  Well, it’s official: The rapper-mogul has relinquished his shares in the new team. Jay-Z’s ownership of the Brooklyn Nets was .067 percent (1/15th of a percent), a share worth approximately $350,000.  He released a statement via his website commenting on the deal.

“Being a member of the Nets organization surpassed some of my greatest ambitions,” he said in the statement. “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… A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.”

In the statement he thanked the Brooklyn Nets executives before introducing Roc Nation Sports, his management firm’s new sports wing. “The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. 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.”

It’s been a monumental week for Jay-Z, that included the sale of Brooklyn Nets, the launch of Roc Nation Sports and he graced the cover of Time magazine this week, which named him one of the 100 most influential people in the world.

He may have 99 problems, but money ain’t one! Lol.

Congratulations Jay-Z!

 

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