Well…It looks like music mogul Jay-Z may be selling his share of the Brooklyn Nets. After putting up the Barclays center last year, bringing the team to Brooklyn and re-branding the franchise (all in a few years) the rapper is ready to sever ties and move on to another business venture.
After one season at the Barclays center and years of working to bring the team to BK, it looks like Jay-Z may be already selling off his shares of the team.
Yahoo Sports and TheYBF is reporting that Mr. Carter is looking to “divest his ownership share” — meaning sell off his share — of the Nets. And it’s all because he wants to expand his Roc Nation Sports division, which recently signed Yankee Robinson Cano, into the world of professional basketball. According to NBA rules, one cannot have ownership in a team and represent individual players at the same time. So Hov is going the agent route.
He owns less than 1% of the Nets, but is undoubtedly the face of the franchise. He propelled the team to a big name status, and he’s gotten rewarded in return with tons of publicity, lots of face time on and off the Barclays stage, and the opportunity to brand his existing catalog of music into the NBA franchise. Business doesn’t always mean cash is involved….notoriety, platforms and clout are parts of the equation too.
I’m not sure about giving up the basketball team to go into sports management, but so far he has proven to be a great business man? If he likes it, I love it!