Jay-Z Will Reportedly Sell His Share Of The Nets To Jason Kidd
Jay-Zís much-hyped tenure as a partial owner of the Brooklyn Nets is reaching its conclusion. The hip-hop star has reportedly agreed to sell his whopping .067% stake in the team to new coach Jason Kidd for $500,000. Itís unclear when exactly the deal might go through, but given all of Kiddís on-the-court commitments and the time sensitive nature of the reason why Jay-Z is selling, this transaction will need to occur pretty quickly.
By all accounts, Jay-Z loved owning a fraction of the Nets. He played a big role in marketing. He helped convince various players to come to Brooklyn. He was a very good owner in a figurehead kind of way, but recently, he decided to get into the sports agency business. Partnering with an acclaimed firm and licensed agents, he quickly signed Yankees great Robinson Cano and Oklahoma City Thunder star Kevin Durant. Had he limited his business to baseball, he could have continued owning the Nets, but because heís now involved in basketball, thatís a conflict of interest that requires he get rid of his stake in the Nets.
As a former Net legend, a future Hall of Famer and the teamís new coach, Kidd is an ideal candidate to step in. In fact, according to The New York Post, the teamís other minority owners convinced Jay to choose Kidd among the thousands and thousands of other New York residents who would have no doubt jumped at the chance to own a piece of a professional basketball team.
Kidd wonít bring quite as much buzz to the ownership box as Jay-Z and his wife Beyonce did, but if the team is able to make a deep run in the playoffs this year, everyone involved will be pleased as punch. With an older roster and high expectations, the time to achieve is now, and if they can beat the hated Knicks in the process, all the better.