Recently Jay-Z announced his Roc Nation Sports player agency which was part of the Creative Artists Agency, and Jigga made splashes by signing New York Yankee Robinson Cano. The Brooklyn Nets owner then mentioned notions of becoming an agent in all sports, including basketball. Now it appears that Mr. Carter will be relinquishing his minority ownership of the Nets in order to focus on signing players to his sports agency.
Yahoo’s Adrian Wojnarowski reports that the Roc mogul will dissolve his less than 1 percent ownership of the NBA team and hopes to be a certified NBA agent in time for the Draft in late June.
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.
The process is expected to be completed in time for Roc Nation to compete for players entering the June NBA draft, but there's no guarantee of the timing, sources said. Those within Roc Nation and the CAA alliance aren't "chasing a clock on this," one source said. "This isn't about one draft, but taking the long view of the business."
Reports are that Jay-Z would not be the agent actually signing players, but would use his name, connections, and appeal to lure players to sign with Roc Sports.