When Jay-Z announced that he would be creating Roc Nation Sports, and partnering with Creative Artists Agency in the player representative/agent business, it was all but certain that he would have to give up his stake in ownership of the Brooklyn Nets.
After a few weeks of speculation, Jay-Z has confirmed exactly that.
Here is a statement from Lifeandtimes.com, where Jay-Z announces he is no longer an owner of the Nets:
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’s first client is Robinson Cano of the New York Yankees, and he reportedly helped recruit New York Giants wide receiver Victor Cruz to CAA. Off the field of play, Jay-Z will have a lot to offer his clients and he will surely be successful in whatever he does — just like he has been in all of his endeavors in the past.
As for who will be purchasing Jay-Z’s stake in the team, Reddit co-founder Alexis Ohanian continues to have his name surface as a potential buyer.