Rap mogul could unload ownership share in arena for more than $1.5 million.
Did Jay Z have a change of heart? After much rumor and speculation surrounded his departure from the Brooklyn Nets as part owner in order to pursue a new career as a sports agent, Hov addressed the topic in the song "Open Letter" back in April.
"I still own the building, I’m still keeping my seat/Y’all buy that bull---, you’d better keep y’all receipt," Jay rapped.
That was Jay’s way of telling interested parties that he was indeed going to hold on to his ownership interest in the state-of-the-art Barclays Center, the arena that houses the NBA franchise.
Well, according to a report by Forbes, the hip hop magnate is looking to sell the one-fifth of one percent he owns in the $741 million Brooklyn-based arena. At the moment, Jay’s share is worth $1.5 million, but he may possibly make more on his sale as the value of the building could go up due to its rising popularity. Along with NBA games, the venue plays host to A-list music concerts (Beyoncé, Drake, Rihanna, Kanye West) and boxing events. Through the first half of this year, Barclays is reportedly the top-grossing venue in America.
As required by NBA protocol, the rapper was forced to sell his minority share in the team in order to qualify as a certified sports agent through his Roc Nation Sports. Jay peddled his stake in the franchise to current Nets head coach Jason Kidd for $500,000 earlier this month.
Jay Z is scheduled to perform at Barclays Center on Jan. 12, 2014, as part of his Magna Carter World Tour. Let's see if he'll be making his return as part-owner or a visitor.
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(Photo: AP Photo/Kathy Willens)