Jay Z Officially Relinquishes Brooklyn Nets Shares

“Would’ve brought the Nets to Brooklyn for free
Except I made millions off it, you fuckin’ dweeb
I still own the building, I’m still keeping my seat”

Jay Z – Open Letter

It looks like the rumours that were circulating over the past few weeks regarding Jay Z allegedly wanting to get rid of his shares in the NBA team, Brooklyn Nets, have proven to be true. Just a few days before the Brooklyn Nets make their very first play-off appearance, King Hova announces that he has relinquished his 0.067% stake in the team (said to be valued at $350 000), stating a conflict of interest as one of the reasons for the decision. In case you’re not in the know, Jay Z (who already is worth, like, a ka-jillion bucks, has 10 number one albums and is also married to the finest lady on Earth) recently established Roc Nation Sports; a coalition company with Creative Arts Agency, who also manage the careers of Ronaldo and David Beckham. Upon signing his first client, NY Yankees baseball player Robinson Cano, Hova ran into some entanglement when he was told that in order for his company to be allowed to represent NBA players, he could no longer be an owner. And being Hov, he saw the bigger picture and went for prospective dollars.

“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,” Hov said.

He continues:

“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 endeavour 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.”

Looks to us like, Jay Z won on all frontiers here: he got made millions of dollars in profit from his relatively measly $350 000 investment in the team; lived his dream of being an NBA owner and has now graduated to a major league sports agent; and he got away with using the word “dweeb” in a rap. Nice one, Hove. Nice one.

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