Jay-Z Sells Stake in Brooklyn Nets to Focus on Roc Nation Sports
Jay-Z has announced that he is selling his minority stake in his ownership of the Brooklyn Nets so that he can spend the majority of his time focusing on his newest venture: Roc Nation Sports.
“Being a member of the Nets organization surpassed some of my greatest ambitions,” Jay-Z said in a statement (according to CNN). “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. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. 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,” he continued. “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.”
Earlier this month, Jay-Z announced that he was forming a sports agency to manage professional athletes called Roc Nation Sports. The venture is a joint partnership with Creative Artists Agency (CAA). Roc Nation Sports signed Robinson Cano as their first client.