Jay-Z selling his Nets minority ownership to Jason Kidd?
Hip-Hop star and mogul, Jay-Z, is reportedly selling half of his .067 percent (1/15th of a percent) stake in the Brooklyn Nets to new Nets’ head coach, and former NBA player, Jason Kidd. The stake is worth an estimated $500,000, and is an asset Jigga can no longer hold on to since opening his sports agency, Roc Nation.
A source told the New York Post “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”
Jay-Z did help bring in the new era of the Nets franchise. Everyone knows that Hov pushed to have the Nets moved to his hometown of Brooklyn, where they parked themselves comfortably into a brand new arena. Jay shouts out his contributions over his new(ish) track “Open Letter”. Jay-Z raps the line.. “Would’ve brought the Nets to Brooklyn for free, except I made millions off it, you fu*#in’ dweeb. I still own the building, I’m still keeping my seat”
Per the New York Post:
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.
According to reports, Jay helped design the team logos and choose the Nets’ stark black-and-white color scheme, and personally appealed to National Basketball Association officials to drop their objections to it.
The Times reported Jay’s influence stretched so far, he courted top players to join the team and even counseled execs on music to play during games.
The post just tells us hardcore NBA fans what we already knew. Hov laid the pavement to make big things happen for the Nets’ franchise. He points to it in “Open Letter”, and while we’re left to interpret things on our own, the contributions Jay-Z made for this franchise seem monumental.