Jay-Z sells Nets shares: Jay-Z is planning to sell his shares in the Brooklyn Nets to meet NBA requirements for agent certification.
Rap artist Jay-Z plans to become an NBA agent, which means he has to give up any ownership stake in an NBA team, reports Yahoo Sports.
According to ESPN’s Darren Rovell, Jay-Z has a 0.067 percent stake in the Nets, worth about $350,000.
His company, Roc Nation, entered a partnership with Creative Artists Agency (CAA) to form a sports representation business, reports Yahoo. Roc Nation and CAA already represent New York Yankees player Robinson Cano, and hope to compete for players entering the June NBA draft.
“It would be disappointing [if he left],” Nets interim coach P.J. Carlesimo told ESPN. “He had an enormous amount to do with the rebranding of the team. I wasn’t close to it at all, but from what I’ve seen, it would be hard to overstate his importance in this all. I like his involvement in the team; he’s at the games, and maybe he’s around more than I realize behind the scenes.”
Jay-Z would likely leave the day-to-day business operations up to others, reports Yahoo. His role would primarily be branding, drawing on the global marketing reach of his entertainment business.
