Rapper Jay-Z has given up his minority ownership of the Brooklyn Nets after he sold his stake to the team’s new coach, Jason Kidd.
When Jay Z started Roc Nation Sports, an agency already representing several high-profile athletes, including Oklahoma City Thunder superstar Kevin Durant, it created a conflict of interest.
A report in the New York Post states the other owners preferred Kidd as the new minority owner.
We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000. […]
A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”
Jay Z played a key role in the rebranding of the franchise as it made the transition from New Jersey to Brooklyn and overhauled its look. The Post states he also helped the team appeal to players as it was attempting to develop into a title contender.
As he exits the minority ownership role, the Nets are in markedly better shape. They have one of the best starting lineups in the league, at least on paper, with Deron Williams running the point for Joe Johnson, Paul Pierce, Kevin Garnett and Brook Lopez.