Jay-Z Officially Drops Brooklyn Nets Stake

Rapper-mogul finalizes sale, launches Roc Nation Sports.

Posted: 04/19/2013 10:10 AM EDT
Jay-Z

Goodbye, Brooklyn.

Days after reports surfaced that Jay-Z was looking to sell his ownership share in the Brooklyn Nets to become a sports agent, it's official: The rapper-mogul has finally relinquished his shares in the new team. He released a statement via his website, Life & Times, commenting on the deal.

"Being a member of the Nets organization surpassed some of my greatest ambitions," he said in the statement, posted underneath a large header that read "Brooklyn" in the team's official font and black-and-white color scheme. "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. I’m a Brooklyn Net forever... A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team."

The statement went on to thank Brooklyn Nets executives before introducing Roc Nation Sports, his management firm's new sports wing. "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."

Jay-Z first addressed the sale in his recently released song "Open Letter," which featured the following lyrics: "I woulda moved the Nets to Brooklyn for free / Except I made millions off you f----- dweebs / I still own the building, I'm still keeping my seats / You buy that bulls---, you better keep your receipts."

Jay-Z owned just .067 percent (1/15th of a percent) of the Nets, a share worth approximately $350,000, which he and wife Beyoncé will be adding to their reported billion-dollar fortune — the first musical couple to ever break the nine-figure threshold.

News of the sale and Roc Nation Sports' birth are also coinciding nicely with Jay-Z's Time magazine cover this week, which named him one of the 100 most influential people in the world.

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 (Photo: Johnny Nunez/WireImage)

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