Jay Z is reportedly going to sell his stake in the Brooklyn Nets to Jason Kidd, the team(TM)s head coach and one of its former players.
Jay Z is set to sell his remaining ownership stake in the Brooklyn Nets to Jason Kidd, the team’s head coach and one of its former players, according to a cbssports.com story. The Brooklyn rapper’s total stake in the team was reportedly $500,000 and represented one-sixth of 1 percent ownership of the team, as per an espn.com story. The NBA must approve the proposed transaction between Jay Z and Kidd. Jay Z had already sold the other portion of his Nets ownership to an existing minority owner of the team, as per cbssports.com.
Jay Z also owns the Roc Nation Sports agency, which may be why he’s selling his stake in the Nets. NBA rules do not allow players and-or agents to own part of a team. There is no rule against coaches owning a portion of a team, according to the ESPN.com story.
In June, Roc Nation Sports signed Kevin Durant to its roster. Durant, a forward for the Oklahoma City Thunder, was the first NBA player to sign to Roc Nation Sports. “Grateful for this opportunity with Roc Nation Sports," Kevin Durant wrote on his Instagram account in June. "It’s go time.”
New York Jets quarterback Geno Smith, New York Yankees second baseman Robinson Cano and Tulsa Shock guard Skylar Diggins are also signed to Jay-Z's sports agency. The Shock is an WNBA franchise.
Kidd played for the then-New Jersey Nets from 2001-2008 and won an NBA championship as a member of the 2011 Dallas Mavericks. Kidd also reportedly suggested that Jay Z buy into the Nets 10 years ago, according to netsdaily.com.