Jay Z to Sell Brooklyn Nets Stake to Jason Kidd

Sources say he is selling the minority share for $500,000.

Posted: 09/04/2013 10:22 AM EDT

Shawn "Jay Z" Carter is selling his minority ownership in the Brooklyn Nets to the team's new head coach, Jason Kidd, sources told the New York Post.

Kidd will take over Jay Z's .067 percent (1/15th of a percent) stake in the Nets for $500,000, according to reports.

Jay's departure from the Nets was bittersweet as he was a strong force behind re-branding the team. The entertainment mogul was forced to sell his share to move forward as an NBA sports agent through his new company Roc Nation Sports.

No individual can have ownership in an NBA team and be affiliated with a player representation company, according to NBA rules.

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(Photos from left: REUTERS /RAY STUBBLEBINE /LANDOV,  AP Photo/Kathy Willens, File)

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