You knew Jay Z wasn’t going to sell his shares of the Brooklyn Nets to just anybody. Reportedly, the “Picasso Baby” rapper is selling his stake in the NBA franchise to the team’s new head coach, NBA great Jason Kidd.
The New York Post reports:
We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000.
The move comes as Jay was forced to sell his Nets shares over a conflict of interest after he started a sports agency, Roc Nation, signing clients including Yankee Robinson Cano and Oklahoma City starKevin Durant.
A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”
You get the feeling that the Post took pride in mentioning Mr. Carter’s exact stake in the Nets, eh? Nevertheless, the story does mention how the rapper/mogul designed the teams logo and uniforms, recruited players and helped pick music played in the area. However they don’t mention the Roc-a-wear shop and 40/40 Club that reside in the Barclays Center, too.
Hova selling his shares to J. Kidd makes the cipher complete. It was Kidd that suggested Jay Z as an investor back in 2003 when the then New Jersey Nets were considering a move to Brooklyn.