Jay Z May Be Selling His Brooklyn Nets Shares To Jason Kidd

Sports

By: / September 4, 2013

Jay Z may be cashing out of the Brooklyn Nets. According to the New York Post, Hov is selling his minority ownership of the NBA team to its new head coach Jason Kidd.

When the rapper-mogul launched his Roc Nations Sports Agency, which also signed Oklahoma City Thunder forward Kevin Durant and WNBA star Skylar Diggins, it posed a potential conflict of interest, making Kidd the more desirable shareholder.

“Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him,” a source tells Page Six. Kidd is reportedly taking over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000.

Mr. Carter was first introduced to the team in 2003 by Drew Katz, the son of one of the Nets’ principal owners, after Kidd, then the Nets’ point guard, suggested he buy the team.

While Jay’s appearances at the Barclays Center have proved to be a better marketing strategy for the former Jersey team, the Nets are in better shape even with the rapper’s exit. This past summer, the Nets recently acquired Paul Pierce and Kevin Garnett in a blockbuster trade with the Boston Celtics.

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