Jay-Z no longer shareholder in Brooklyn Nets basketball team
Hip-hop mogul Jay-Z has officially stepped down as an owner of New York basketball team the Brooklyn Nets so he can focus on building his new sports management company.
The 99 Problems hitmaker was a minority shareholder in the team and was instrumental in helping to re-brand the franchise from the New Jersey Nets as it settled into its new home at the Big Apple's Barclays Center last year (12).
However, the rap icon has since sold off his small stake in the
Nets after launching a new sports division for his Roc Nation
management firm earlier this month (Apr13) as the rules for the
National Basketball Association (NBA) state that no one associated
with a player representation company can hold ownership in an NBA
team.
Jay-Z, who even helped to design the team's new black and white
uniform, admits the decision to quit was a difficult one, but he
insists he will always have an allegiance to the Nets.
Announcing the news in a heartfelt statement, he writes, "Being a
member of the Nets organization surpassed some of my greatest
ambitions. 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 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."
The news comes just days after Nets head coach P.J. Carlesimo urged
the superstar not to end his involvement with the club, stating,
"It would be disappointing (if he left the Nets). I would be
disappointed. I like his involvement with our team."