Jay-Z Is No Longer Part Owner Of The Brooklyn Nets

Jay-Z Is No Longer Part Owner Of The Brooklyn Nets

(AllHipHop News) In these past two weeks, Jay-Z has started a sports agency, signed Robinson Cano, began his application to become a sports agent and now has relinquished his minority stake in the Brooklyn Nets.

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In a statement posted on his Life+Times website, Jay-Z gave his thanks and states he’s now focusing on “building the brands of professional athletes”. The diverse entrepreneur says an NBA mandate requires him to relinquish his stake in the Brooklyn Nets in order for Roc Nation Sports to fully flourish:

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.

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.

Rumors suggest that Mr. Carter is trying to get the sports agent application process over with in order to be able to participate in this year’s NBA draft which begins on June 27th.

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