By Maurice Bobb
Seems like Jay Z is finally selling off the rest of his minority share of the Brooklyn Nets. The Roc Nation Sports mogul needed to sell his share of the team he helped move to his home borough to fully represent NBA players and he’s reportedly found a buyer in the Nets’ new head coach Jason Kidd.
ESPN’s Darren Rovell reports that Kidd, who originally advised Jay to invest in the Nets 10 years ago, is buying a portion of Hov’s share for $500,000. Kidd’s share represents one-sixth of 1 percent ownership stake of the team and the Barclays Center. The “Picasso Baby” rapper already sold the other portion of his team ownership to an existing minority of the team.
According to NBA rules, a coach can own a stake in a team, but there is a rule against officially licensed agents like Jay doubling as owners.
While the wheels are in motion on this deal, the NBA must approve the transaction. Jay already represents Oklahoma City Thunder star Kevin Durant and hopes to add to Roc Nation’s roster in the coming months.