Jay Z has been the unofficial face of the Nets since becoming a minority owner, he played a vital role in moving the team from New Jersey to Brooklyn and developing the Barclays Center. Now setting his sights on his Roc Nation sports agency, Jigga had to relinquish his team ownership as it was a conflict of interest if he were to sign NBA players – as he did with Kevin Durant.
Reports are that he is selling his .067 of a percent to the Nets new head coach Jason Kidd. The league does not view owning and coaching as a conflict of interest, so the future Hall Of Famer is able to make the transaction.
Jay Z is selling his minority ownership in the Brookyn Nets to coach Jason Kidd, sources exclusively tell Page Six.
We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000. [...]
An interesting caveat, is that it was Jason Kidd who first suggested the Nets contact Hova about being involved with the team.
Amazingly, Jay was introduced to the team in 2003 by Drew Katz, the son of one of the Nets’ principal owners, after Kidd, then the Nets’ marquee point guard, suggested the music mogul buy the team.