Rapper-turned-sports agent Jay Z is venturing into the boxing world and has his sights set on turning unknown fighters into celebrities.

The hip-hop mogul and his Roc Nation Sports agency recently obtained a licence to promote bouts in his hometown of New York City and Boston, Massachusetts, according to ESPN.com.

Veteran boxing executive Dave Itskowitch has been hired to run the new division, and tells the sports website they are positive the company can create a celebrity status for boxers in the U.S., reaching a similar level to that of professionals in other popular sports, including football and basketball.

Itskowitch says, "We're looking to make an immediate and dramatic impact on the sport... We're going to brand Roc Nation Sports fighters, and we're confident that branding will lead to financial opportunities both in and out of the ring that will be available nowhere else."

Jay Z's Roc Nation Sports already represents the likes of basketball star Kevin Durant and New York Yankees pitcher CC Sabathia, but the agency has yet to sign any boxers to its roster.