Jay-Z to Sell Stake in Brooklyn Nets

The hip-hop mogul is moving on from his investment in sports in his hometown.

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Brooklyn Nets owner Mikhail Prokhorov meets with Jay-Z. (Larry Busacca/Getty Images)

Jay-Z may have begun as an MC, but he's branching out into sports management with the imminent sale of his stake in the Brooklyn Nets and the birth of his fledgling Roc Nation Sports agency, reports Billboard.

Jay-Z launched Roc Nation Sports, a joint-venture sports management agency with Creative Arts Agency, at the beginning of April. Since National Basketball Association rules specify that agents can't represent professional athletes and also have a stake in a team, the move is required if the rapper wishes to be certified as an agent for the NBA.

Jay-Z discussed his decision in a statement posted on his Lifeandtimes.com site Thursday (April 18):

"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. It's been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team."

Read more at Billboard.

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