Jay-Z selling stake in Brooklyn Nets

Jay-Z selling stake in Brooklyn Nets

Posted: Updated:

By BRIAN MAHONEY | AP Basketball Writer

NEW YORK (AP) -- The Brooklyn Nets are losing one of their biggest names as they prepare for the playoffs.

Jay-Z owned just a little piece of the team, but was a large presence when the franchise changed homes and identities this season.

The rap mogul is selling his stake in the Nets so he can become certified as a player agent, possibly before the end of the season. The process is underway, with paperwork already filed, a person with knowledge of the details said Wednesday.

NBA rules prevent anyone from being involved in ownership and player representation.

Yahoo Sports, which first reported Jay-Z's plans, said his Roc Nation company has partnered with Creative Artists Agency (CAA) and hopes to compete for players in this June's NBA draft.

Jay-Z owns less than 1 percent of the Nets, but has had a major impact with the franchise's move to his hometown. He had input and in some cases complete control of everything from the interior of the $1 billion Barclays Center to the design of the team's black-and-white uniforms, which he debuted himself during his run of eight sold-out concerts in September that served as the debut of the arena.

A spokesman for Jay-Z, whose real name is Shawn Carter, did not respond to a message.

Friendly with LeBron James and a number of sports superstars, Jay-Z could quickly make Roc Nation a force in the agency field. The company recently signed New York Yankees All-Star Robinson Cano. The Nets hoped his reputation and friendships would help them three years ago when James led a loaded field of free agents, but the Nets, then playing in Newark, failed to land any of them.

Jay-Z attended only a handful of games this season, but his affiliation with the franchise provided a necessary buzz for its first season in Brooklyn. He sat in his courtside seat next to wife Beyonce in November when the Nets beat the Knicks in their first matchup as New York rivals, providing the trash talk afterward when he tweeted that the city was under new management.

The Nets have clinched their first playoff berth since 2007 and are in position to have home-court advantage in their first-round series.

  • Brooklyn NewsBrooklyn NewsMore>>

  • Bratton: 'not happy'

    NYPD identify suspects in raising of white flags at Brooklyn Bridge

    NYPD identify suspects in raising of white flags at Brooklyn Bridge

    Thursday, July 24 2014 7:48 AM EDT2014-07-24 11:48:41 GMT
    The NYPD says they have identified the suspects for the major security breach that had white flags replace the American flags at the Brooklyn Bridge, one of the most highly secured landmarks in New York City, according to the New York Post. Police say they only know the suspects by nicknames, not their legitimate names. They are working on getting their names in order to bring the suspects in for questioning. The Post says nearly three dozen detectives were on the case. 
    The NYPD says they have identified the suspects for the major security breach that had white flags replace the American flags at the Brooklyn Bridge, one of the most highly secured landmarks in New York City, according to the New York Post. Police say they only know the suspects by nicknames, not their legitimate names. They are working on getting their names in order to bring the suspects in for questioning. The Post says nearly three dozen detectives were on the case. 
  • Funeral for man who died after NYPD choke hold arrest

    Funeral for man who died after NYPD choke hold arrest

    Wednesday, July 23 2014 10:46 PM EDT2014-07-24 02:46:09 GMT
    An overflow crowd packed a church on Wednesday night for the funeral of a man who died in police custody after an officer placed him in an apparent choke hold. Eric Garner's relatives stopped in front of his open casket, some weeping and wailing. A preacher opened the service at Brooklyn's Bethel Baptist Church with a mix of solemn prayer and an organ-backed gospel medley.
    An overflow crowd packed a church on Wednesday night for the funeral of a man who died in police custody after an officer placed him in an apparent choke hold. Eric Garner's relatives stopped in front of his open casket, some weeping and wailing. A preacher opened the service at Brooklyn's Bethel Baptist Church with a mix of solemn prayer and an organ-backed gospel medley.
  • Bloomberg flies to Israel in show of support

    Bloomberg flies to Israel in show of support

    Wednesday, July 23 2014 4:12 PM EDT2014-07-23 20:12:27 GMT
    Former New York Mayor Michael Bloomberg flew to Israel via a commercial El Al flight despite an FAA ban on U.S.-based airlines flying to Tel Aviv. Israeli Prime Minister Benjamin Netanyahu met Bloomberg on the tarmac outside the El Al jet Wednesday at Ben Gurion International Airport.
    Former New York Mayor Michael Bloomberg flew to Israel via a commercial El Al flight despite an FAA ban on U.S.-based airlines flying to Tel Aviv. Israeli Prime Minister Benjamin Netanyahu met Bloomberg on the tarmac outside the El Al jet Wednesday at Ben Gurion International Airport.
Powered by WorldNow

4739 NW 53rd Avenue, Sutie B
Gainesville, FL 32653

Phone: (352) 371-0051

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices