Jay-Z Selling Off His Brooklyn Nets Shares?
Brooklyn goes hard with or without Jay-Z as the face of its NBA franchise.
After one season at the Barclays center and years of working to bring the team to BK, it looks like Jay-Z may be already selling off his shares of the team.
Yahoo Sports is reporting that Mr. Carter is looking to “divest his ownership share” — meaning sell off his share — of the Nets. And it’s all because he wants to expand his Roc Nation Sports division, which recently signed Yankee Robinson Cano, into the world of professional basketball. According to NBA rules, one cannot have ownership in a team andrepresent individual players at the same time. So Hov is going the agent route.
He owns less than 1% of the Nets, but is undoubtedly the face of the franchise. He propelled the team to a big name status, and he’s gotten rewarded in return with tons of publicity, lots of face time on and off the Barclays stage, and the opportunity to brand his existing catalog of music into the NBA franchise. Business doesn’t always mean cash is involved….notoriety, platforms and clout are parts of the equation too.