Say What! Jay-Z Owns How Much of the Brooklyn Nets?
Rucuss staffAugust 17, 2012
Jay-Z has become the face of the Brooklyn Nets basketball team.
Although Russian billionaire Mikhail D. Prokhorov owns 80 percent of the team, he recruited Jay-Z to join his group of investors to help sell his vision. He knew the Brooklyn native would help fans buy into the move from New Jersey to Brooklyn.
And it worked.
Jay-Z maybe a limited partner in the organization, but his contributions have superseded is stake with the team. Hova has assisted in designing the new logo and choose the team’s stark black-and-white color scheme. He’s breaking Barclays Center in with eight sold out shows in September.
Many speculate Jay must have a huge stake in the organization. But that’s far from the truth. Jay-Z only invested one million dollars nine years ago, the New York Times reports. Jay owns only one-fifteenth of a percent.
Yea, you read that correctly–one-fifteenth of a percent. His stake in the team was actually reduced from one-third to one-fifteenth of a percent upon Mr. Prokhorov’s purchase of the Nets in 2009.
But despite Jay’s small stake, he’s still set to make a lot of money. He will have access to 11 exclusive “Vault” suites, which paying customers are charged $550,000 a year. The champagne, Armand de Brignac, which Jay has a share in the company, will be served for suite owners at the arena.
Jay’s 40/40 Club and Rocawear store will also be in Barclays arena. The Nets also uses advertising agency, Translation, which Jay co-owns.
Jay-Z is still winning!
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