Monday, April 22, 2013
Jay-Z Explains Why He’s Selling His Stake In The Brooklyn Nets
This week, Jay-Z announced he will be selling his ownership stake in the Brooklyn Nets, the team he successfully helped relocate from New Jersey.
His decision comes after his most recent business venture, the launch of sports management agency Roc Nation Sports. The NBA specifies that agents can’t represent professional athletes or have stakes in a team. Due to the regulations, Jay-Z announced his “job as an owner is over.”
“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,” he said in a statement on LifeandTimes.com.
Despite the departure, the rapper and entrepreneur went on to say, “I’m a Brooklyn Net forever.”
“It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier,
ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team,” he wrote.
The statement continued:
“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.”
The hip-hop mogul also expressed his thoughts about the team in his new song, “Open Letter.”
“Would’ve brought the Nets to Brooklyn for free. Except, I made millions off of you f—ing dweeb. I still own the building, I’m still keeping my seats, you buy that bullsh*t, you better keep your receipts,” he rapped.
According to Billboard, “Carter owns 0.2% of Barclays, which works out to roughly $2 million of the billion-dollar complex.”