Jay-Z’s foray into the world of being professional sports agent has had a few consequences. For one, it caused old white baseball agents to make horrible rap jokes. And it also has made him decide to begin selling his stake in the Brooklyn Nets.
As of now, Jay-Z has only secured the Yankees’ Robinson Cano as a client for his newly created Roc Nation Sports. But if you know anything about Jay-Z, or listened to any of his lyrics, it should be fairly obvious that he doesn’t want to merely represent MLB players. He also wants his client roster filled with NBA stars. But owning a stake in the Nets would prohibit him from doing so according to Adrian Wojnarowski of Yahoo! Sports.
NBA rules mandate that no one individual affiliated with a player representation company can have an ownership stake with an NBA team.
The process is expected to be completed in time for Roc Nation to compete for players entering the June NBA draft, but there’s no guarantee of the timing, sources said. Those within Roc Nation and the CAA alliance aren’t “chasing a clock on this,” one source said. “This isn’t about one draft, but taking the long view of the business.”
So just how much money is Jay-Z standing to receive when he sells his shares? According to Darren Rovell of ESPN, his .067% stake in the team is worth around $350,000.
Jay Z’s .067% stake of the Brooklyn Nets is worth around $350,000. Could sell it tomorrow if he wanted.
— darren rovell (@darrenrovell) April 9, 2013
Jay- Z has reportedly invested well over $1 million in the Nets.