Jun 13, 2013; Brooklyn, NY, USA; Brooklyn Nets head coach Jason Kidd speaks during a press conference at Barclays Center. Mandatory Credit: Brad Penner-USA TODAY Sports

Jason Kidd buying half of Jay Z's Brooklyn Nets shares

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Jay Z is selling his shares of the Brooklyn Nets as he transfers from owner to agent. Who is buying the shares from Hov? Well that would be head coach Jason Kidd.

From Nets Daily:

A Nets source tells NetsDaily that Jay Z is selling half his shares in the team to Jason Kidd, the team’s new head coach. The cost: $500,000.  The other half of Jay Z’s stake has been purchased by a minority owner in the team. Kidd’s stake includes part of Barclays Center. The deal still must pass NBA hurdles, as does any ownership transfer, but no one expects any problem.

The New York Post reported that Kidd was purchasing all of Jay Z’s stake but the Nets Daily’s source contradicts that report. Kidd initially suggested to Jay Z that he buy into the team when playing for the Nets 10 years ago. Their source also said that Jay Z controlled roughly 0.1608% of the Nets, or 1/6 of 1% through Nets Sports and Entertainment.

From Nets Daily:

The Nets source said Jay Z might have been able to get more than the $1 million but wanted to complete the transaction quickly so he could rep professional athletes. Still, the transaction values the Nets at nearly $600 million.

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Tags: Brooklyn Nets Jason Kidd Jay-Z

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