Jay Z - Jay-jay Z No Longer Shareholder In Brooklyn Nets Basketball Team

Hip-hop mogul Jay Z has officially stepped down as an owner of New York basketball team the Brooklyn Nets so he can focus on building his new sports management company.

The 99 Problems hitmaker was a minority shareholder in the team and was instrumental in helping to re-brand the franchise from the New Jersey Nets as it settled into its new home at the Big Apple's Barclays Center last year (12).

However, the rap icon has since sold off his small stake in the Nets after launching a new sports division for his Roc Nation management firm earlier this month (Apr13) as the rules for the National Basketball Association (Nba) state that no one associated with a player representation company can hold ownership in an Nba team.

Jay Z, who even helped to design the team's new black and white uniform, admits the decision to quit was a difficult one, but he insists he will always have an allegiance to the Nets.

Announcing the news in a heartfelt statement, he writes, "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... A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team...

"The Nets have made their mark on the Nba and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today's top music artists. For Roc Nation Sports to function at its full potential, Nba rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it's not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net."

The news comes just days after Nets head coach P.J. Carlesimo urged the superstar not to end his involvement with the club, stating, "It would be disappointing (if he left the Nets). I would be disappointed. I like his involvement with our team."


Contactmusic

Tags: Jay Z

Advertisement

More Jay Z

Musicians, Celebrities And World Leaders Unite To Fight Poverty At Global Citizen Festival

So there’s SXSW for the hipsters, Coachella for the fashionable crowd… and then there’s the Global Citizen music festival, which has a different vibe altogether....

HBO's "On The Run" Special Has Us Teary-Eyed And Loving Everything About The Carter Family

Yes, yes, yes, yes, yes. Beyonce and Jay Z’s On The Run special on HBO was everything we wanted it to be and more. The...

Jay-Z Hints Beyonce Is Pregnant With Their Second Child?

Jay-Z set the rumour mill working overtime when he appeared to slightly alter the lyrics to 'Beach is Better' whilst performing in Paris on Friday...

Beyonce and Nicki Minaj Team Up For Flawless Performance In Paris

Beyonce gave fans at her Paris concert an extra special treat on Friday night when rapper Nicki Minaj joined her on stage for a...

Advertisement

Beyonce Shares Backstage Video From MTV VMAs Featuring An Appearance From Blue Ivy

Beyonce has treated fans to a special look at just what went into making her MTV VMAs performance so spectacular by sharing a backstage video....

So, How Did the Queen of Pop Spend Her Birthday?

When you're Beyonce, a Tesco's Finest cake and bottle of Cava just won't cut it when it comes to birthday celebrations. It has to be...

Kanye West Goes Off At Jay Pharaoh At Made In America... And He Might Have A Point

So Jay Pharaoh’s Kanye West impersonation from the VMAs is still fresh in everyone’s mind, right? Cool. Just checking. Apparently it was still on West’s...

Beyonce's Father, Matthew Knowles, Claims Solange/Jay-Z Elevator Fight Was Publicity Stunt

Everyone was talking about Jay-Z and Solange's elevator fight at the Standard Hotel after the Met Gala in May. And that was exactly what they...

Advertisement

Comments

Jay Z Newsletter

Subscribe to this news alert service to receive news and reviews on Jay Z

Unsubscribe | Unsubscribe All