Former Brooklyn Nets minority owner Jay Z‘s cherished NBA team is reportedly up for grabs after mounting rumors of a sale going down last year.
According to Bloomberg News reporter Scott Soshnick, Nets owner Mikhail Prokhorov is putting the team on the open market.
— Scott Soshnick (@soshnick) January 13, 2015
Check out these details about Jay Z’s Nets connection right here…
Details of an unexpected power move to sell his ownership to former Nets head coach Jason Kidd surfaced online a couple years ago.
Jay Z is selling his minority ownership in the Brookyn Nets to coach Jason Kidd, sources exclusively tell Page Six. We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000. The move comes as Jay was forced to sell his Nets shares over a conflict of interest after he started a sports agency, Roc Nation, signing clients including Yankee Robinson Cano and Oklahoma City star Kevin Durant. A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.” (NY Post)
Young Hov issued an official statement on his Life + Times website to break the news of his departure from the Nets in 2013.
“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.” (Life + Times)
The rap mogul also confirmed NBA restrictions forced him to part ways with the team.
“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 endeavor 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.” (Life + Times)