Jay-Z on Brooklyn Nets: ‘My Job As An Owner is Over!’ [Details]

Rucuss staffApril 19, 2013

Jay-Z made it official that he’s sold his stake in the Brooklyn Nets.

Jay-Z, who was instrumental in relocating the team to Brooklyn, announced on his website LifeandTimes.com that he’s no longer a minority owner of the team. Jigga, who was named to Time’s most influential list, said he wants to focus on his new sports company, Rock Nation Sports. But he did make it clear that he will always remain a Nets fan.

Beyonce’s husband forced to sell his investment in the Nets so that he could pursue his latest venture. The company has already signed New York Yankees second baseman Robinson Cano as their first client.

Read his full letter below.

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. 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. 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.

Jay-Z has a long road ahead of him if he wants to gain more clients. Based on rules passed by the NFLPA in 2012, Jay-Z can’t recruit anymore players unless he becomes an NFLPA-certified agent.

According to ProFootballTalk, Jay-Z plans to become certified. The required post graduate degree can be waived if the NFLPA determines he has had seven years of “negotiating experience.”

Photo via Time


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