Jay-Z Giving Up Ownership Stake In Brooklyn Nets To Become NBA Agent
Could the Jay-Z era of the Brooklyn Nets be over after it just really got started? The rapper/mogul is reportedly looking to divest his ownership stake in the NBA franchise in order to be able to represent players as an agent.
Yahoo! Sports reports:
Entertainment mogul and rapper Jay-Z has started the process of divesting his small share of ownership with the Brooklyn Nets to extend his Roc Nation Sports representation business into basketball, sources told Yahoo! Sports.
Jay-Z – whose real name is Shawn Carter – owns less than 1 percent of the Nets, but has been a central public figure in the franchise's marketing and move from New Jersey to Brooklyn.
Selling his share of the Nets is a necessary prelude for Jay-Z to obtain his National Basketball Players Association certification as an agent.
NBA rules mandate that no one individual affiliated with a player representation company can have an ownership stake with an NBA team.
It was already speculated that Hova would make this move after he announced the formation of Roc Nation Sports one week ago. The sports representation agency's first signing was Yankees second baseman Robinson Cano. However, considering Jay-Z's ties to the Nets and personal connections with players like LeBron James, it was a given that he had his sights on eventually representing NBA players, too.
If all goes to plans, Jigga plans to be free of his stake in the Nets by the 2013 NBA Draft, freeing him up to pitch his services to the next crop of pro ball players.
But don't expect the "Big Pimpin'" rapper to be discussing the finer points of NBA contracts just yet. Says Yahoo! Sports:
Much like the arrangement with CAA's baseball side, Jay-Z will let the firm's basketball agents handle contract negotiations and day-to-day business with athletes. The potential impact will come with athletes linking to Jay-Z's global reach in marketing, entertainment and business.
Earlier this week, the Brooklyn native announced that Roc Nation was partnering with the Universal Music Group, thus becoming a standalone record label.
No basketball players turned rappers, please. The Nets, who currently have a 44-32 record, are playoff bound.
Let us know what you think of Jay-Z's latest moves in the comments.