The era of Jay-Z as a Nets owner may be over as he prepares to take his sports-agency business well into the NBA, a move that would mandate that the rap mogul relinquish his minority stake in the Brooklyn franchise.
The news was expected after Jay-Z launched his Roc Nation Sports enterprise with the signing of Yankees star second baseman Robinson Cano earlier this month. At that time, ESPN’s Darren Rovell reported the entry into the baseball world would be just the first step for what is hoped to be another successful endeavor for the Jay-Z empire.
The only sticking point for NBA agency certification would be the less-than-one-percent share he owns of the Brooklyn Nets. As ! Sports’ Adrian Wojnarowski points out, “no one individual affiliated with a player representation company can have an ownership stake with an NBA team.”
‘Predominant face of ownership’
While the share might be a small piece of the overall franchise, Jay-Z was always seen as the predominant face of ownership, one that encouraged fans and players to gravitate to the team as it opened a new arena in a new state.
In a way, that is how things are shaping up at Roc Nation Sports; Jay-Z will be far more a name than a hands-on agent. As with Rovell’s report, Creative Artists Agency (CAA)—an agency that has handled $1.1 billion worth of negotiations—will be front and center in new deals.
Is selling his Brooklyn Nets shares a good move for Jay-Z? Do you think he will succeed in his next business endeavor as an NBA agent?
Source: Gabe Zaldivar, Bleacher Report
Image: Sports Illustrated