As Def Sounds previously reported, Jay-Z was forced to sell his share of the Brooklyn Nets as a stipulation of becoming a certified NBA agent with his Roc Nation Sports Agency that he launched earlier this year. Now after a few months, the Hip Hop mogul finally sold his share of the NBA franchise.
As noted in the initial report, Jay-Z would have to give up his ownership role with the Brooklyn Nets as NBA rules state that no one affiliated with a player representation company can have any share of ownership with an NBA team.
As reported by Page Six, Jay-Z will no longer hold minority ownership in the Brooklyn Nets after selling his stake in the team to the new head coach Jason Kidd.
According to the report, Kidd will take over Hov’s .067 percent (1/15th of a percent) stake in the team for roughly $500,000.
Sources told Page Six:
“Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”
Jay-Z nor Jason Kidd has commented on the deal of Kidd acquiring Jay’s stake of the Nets.