After weeks of speculation, rap mogul Jay-Z has officially relinquished his ownership in the playoff-bound Brooklyn Nets to build an empire with the newly launched Roc Nation Sports.
Young Hov issued an official statement on his Life + Times website to break the news.
“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)
On his new “Open Letter” record, Jigga addresses the Brooklyn Nets conflict of interest.
“Could’ve bought the Nets to Brooklyn for free/Except I made millions off it, you f*ckin’ dweeb/I still own the building, I’m still keeping my seat/Y’all buy that bullsh*t, you’d better keep your receipt/Obama said chill, you gonna get me impeached/But you don’t need this sh*t anyway/Chill with me on the beach” (“Open Letter”)
Hov has also raised eyebrows last week with talk of him selling his stake in the Brooklyn Nets.
Entertainment mogul and rapper Jay-Z has started the process of divesting his small share of ownership with the Brooklyn Nets to extend his Roc Nation Sports representation business into basketball, sources told Yahoo! Sports. Jay-Z – whose real name is Shawn Carter – owns less than 1 percent of the Nets, but has been a central public figure in the franchise’s marketing and move from New Jersey to Brooklyn. Selling his share of the Nets is a necessary prelude for Jay-Z to obtain his National Basketball Players Association certification as an agent. NBA rules mandate that no one individual affiliated with a player representation company can have an ownership stake with an NBA team. (Yahoo News)