JAY Z - JAY-Z BUYS BASKETBALL TEAM THE NEW JERSEY NETS

Retiring rapper JAY-Z has already lined up his next big project - he's bought basketball team THE NEW JERSEY NETS.

The DEAD PRESIDENTS star - who is dating sexy singer BEYONCE KNOWLES - is one of a board of investors who has taken over the team for a reported $300 million (GBP176 million).

New York property developer BRUCE RATNER is the man heading up the investor's board and plans to move the team to Brooklyn.

However, the Nets will continue to play at the Continental Airlines Arena in East Rutherford, New Jersey for the time being until a new arena is built in Brooklyn, at an estimated cost of $435 million (GBP255 million).