Rapper/mogul Shawn “Jay-Z” Carter is reportedly looking to divest his ownership stake in the NBA franchise, find out why.
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. 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.
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.
If all goes to plans, Jay-Z 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.
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.