Shawn Corey widely known as Jay-Z is a rapper, entrepreneur, and record producer. He is the founder of an entertainment agency named Roc Nation. Unbelievably, Jay-Z is one of the most powerful, influential, and well-established hip-hop artists.
Jay-Z, the name is a daily headline on TV channels. Afterward, he is moving from his video games to running the Brooklyn Nets. It comes from a place of thinking that if Jay Z owns the Brooklyn Nets.
Does Jay Z Own The Brooklyn Nets:
It has been observed from various points that Jay-Z owns only 1% of the Brooklyn Nets among the whole shares. Astonishingly, for that 1%, Jay-Z had to pay near about $4.5 million. Unfortunately, he has to sell his shares.
A long time ago, Jay-Z was seen outside the Brooklyn Nets. However, he is not a devoted fan of the Nets, but he used to keep wearing “Brooklyn Nets” t-shirts and hats. Because Jay-Z wanted to provide support for Brooklyn Nets with his all efforts.
Related Read: Is Jay Z Retired
How Much of The Brooklyn Nets Does Jay-Z Own?
Brooklyn Nets is a team of massive property and indeed, it is sold as shares to different personalities. Jay-Z is one of them who has bought only 1% of that vast property. Believe it, For the Brooklyn Nets, he had to cost near about $4.5 million.
For 1%, Jay-Z bears a lot of money. To tell the truth, he was never a fan of the Brooklyn Nets. Nevertheless, he constantly tried to promote the Brooklyn Nets by wearing t-shirts or hats.
Jay Z Was Sitting Courtside at The Brooklyn Nets Game
On Sunday, a renowned face was discovered beside the Brooklyn Nets in New York. He is none other than Jay-Z himself. At that moment, the Charlotte Hornets and Brooklyn Nets teams were playing a contesting match.
Jay-Z’s photo was posted on Twitter which was embedded by the Brooklyn Nets’ own Twitter account. Actually, he had maintained a long-time relationship with that franchise as he was a co-sharer of the franchise since 2003.
In 2003, the Brooklyn Nets were named after New Jersey Nets and continued their matches in East Rutherford. Before they drove to Brooklyn, they spent almost two seasons in New Jersey. Unluckily, he had to sell the Nets.
Why Was Jay Z Forced to Sell His Share?
Jay-Z has to sell his share in the Brooklyn Nets because he wants to invest the amount for opening a sports agency named Roc Nation Sports. In fact, he announced that he would sell only 0.15% of his share. Jay-Z promoted the team to transform to Brooklyn.
Jay-Z will be launching an agency, Roc Nation Sports, which is equally a joint-venture management agency attached to another agency named Creative Art Agency. Although, National Basketball Association has told that any agency couldn’t represent skilled athletes.
As a member of the Nets organization, Jay-Z has crossed some of his greatest ambitions. He never considers the team as an investor but rather respects both the Brooklyn and the Nets. He expressed that as an owner his job is finished but as a fan, he started his journey right now.
Jay-Z is habitually a die-hard fan of the Brooklyn Nets. He was honored to work with Dmitry Razumov, Mikhail Prokhorov, Christophe Charlier, and ONEXIM Sports. He conveyed his sincerest thanks to Bruce Ratner because he was the inventor of moving the team to Brooklyn.
Jay-Z announced the Brooklyn Nets as the lifeblood. After taking retirement from the Brooklyn Nets, Jay-Z told the media that he never wanted to leave it as it was a harsh decision for him. Ultimately, he congratulated the Brooklyn Nets for their future and for creating the playoffs.
What is The Reason For Selling Brooklyn Nets?
Currently, Jay-Z has commenced the agency game, that’s why he is no longer an NBA owner. In a letter, he disclosed the reason for selling the Brooklyn Nets. The reason is he will gonna open an agency.
Robinson Cano is mentioned as his first client. He is unable to represent an MLB athlete against the rules of the NBA. By selling his shares, Jay-Z can court players as his clients.
Their new endeavor was committed to establishing the brands of skilled athletes as they have completed before. For sure, Jay-Z was the strongest figure for the Brooklyn Nets.