Report: Jay-Z Selling Stake in Brooklyn Nets

Hov plans to unload shares in team to become a sports agent.

Posted: 04/10/2013 11:06 AM EDT
Jay-Z

Jay-Z is giving up on the Brooklyn Nets. 

The hip hop mogul is unloading shares of his minority stake in the team, in lieu of a burgeoning career in sports management.

In order to earn his National Basketball Players Association agent certification, the 43-year-old must sell his stake as league rules prohibit agents from owning a percentage of an NBA team.

The deadline to sever Nets ties is June, before the start of the NBA draft.

Getting rid of the shares won't be hard given Jay-Z's tiny ownership. According to ESPN reporter Darren Rovell, the Brooklyn native only owns .067 percent of the team which translates to 1/15th of a percent, or roughly $350,000.

But after all the work he's put in with the Nets changing the team's logo, influencing their move to Brooklyn and always sitting court side with Beyoncé Jay moving on with his sports career doesn't sit well with everybody. "It would be disappointing [if he left]," said Nets interim coach, P.J. Carlesimo. "He had an enormous amount to do with the rebranding of the team."

"I like his involvement in the team," Carlesimo added. "He's at the games, and maybe he's around more than I realize behind the scenes. But he's an excellent fan, one that wasn't just around this year, but a lot in the past too, which is very telling to me."

News of Jay's Nets departure comes just over a week after his newly formed Roc Nation Sports imprint signed New York Yankees second baseman Robinson Cano.

 

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(Photo: Johnny Nunez/WireImage)

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