Jay-Z to sell stake in Brooklyn Nets

Jay-Z is reportedly selling his minority stake in
the Brooklyn Nets basketball team to the side’s
coach Jason Kidd.
The rap superstar has a minority share in the
club – estimated to be .067 per cent – which
he has decided to sell to coach Jason Kidd,
according to the New York Post newspaper.
Jay had to get rid of his share after starting his
own sports agency, Roc Nation, which began
signing up players such as New York Yankees
baseball star Robinson Cano and Oklahoma City
basketball player Kevin Durant, leading to his
two business ventures being deemed a conflict
of interests.
A source said: ‘Other owners want to give Jason
a part ownership of the team, and urged Jay to
sell his shares to him.’ The ‘Holy Grail’ rapper
first got involved with the Nets – previously
known as the New Jersey Nets – in 2003
after Drew Katz, the son of one of the Nets’
principal owners, introduced him to the board
on the advice of Kidd.
Although Jay has a small share he was heavily
involved in the running of the club and even
helped design the team logos and choose the
Nets’ stark black-and-white colour scheme,
which had initially been objected to by the
NBA .
Russian billionaire Mikhail Prokhorov bought
80 per cent ownership of the team in 2009
and was keen to use the hip-hop mogul to
promote the Nets, even featuring in a series of
billboard posters with him.
Kidd – who previously played as a point guard
for the Nets – signed on as coach in June.