Jay Z reportedly selling shares of Nets to Jason Kidd

Jay-Z sits courtside with wife Beyonce during a Nets game. Credit: Getty Images
Jay Z sits courtside with wife Beyonce during a Nets game.
Credit: Getty Images

Jay Z is keeping his Nets ownership stake in the family.

The New York Post reported Wednesday morning that the minority owner will be selling his shares in the Nets to new head coach Jason Kidd.

While players cannot own shares of a team — Michael Jordan, for instance, had to sell his shares in the Wizards when he made his return — there is no conflict of interest for a coach.

Jay Z owns only a .067 percent stake in the Nets, worth about $500,000.

The superstar rapper joined the team as an owner in 2003 and, despite his small ownership stake, quickly brought a new outlook to the organization. He regularly attended games with his wife Beyonce and championed the move to his home borough of Brooklyn last season. He even opened the Barclays Center last fall with a series of sold-out concerts.

But Jay Z announced the formation of his own sports agency, Roc Nation, in March. He cannot represent NBA players unless he sells his shares as an owner. He reportedly has brought Oklahoma City superstar Kevin Durant into his agency.

Jay Z signed Yankees second baseman Robinson Cano, who is a free agent after this season, as his first client in April. Newly minted Jets starting quarterback Geno Smith is also a client.

Jason Kidd was named head coach of the Nets in June, just weeks after retiring from the Knicks.

Follow Metro New York Sports Editor Mark Osborne on Twitter @MetroNYSports



News
Entertainment
Sports
Lifestyle
International

Sierra Leone Ebola patient, recovered from family, dies…

An Ebola patient whose family sparked a nationwide hunt when they forcefully removed her from a treatment center and took her to a traditional healer has died.

Local

VIDEO: Cop reassigned as NYPD investigates alleged head…

An officer alleged to have stomped on a Brooklyn man's head last week had his gun taken away and placed on modified duty.

National

New York Times calls for legalization of pot

The New York Times editorial board on Saturday endorsed a repeal of the federal ban on marijuana, becoming the largest paper in the nation to back the idea.

National

Two injured after cable snaps on Ohio amusement…

(Reuters) - A cable on a large swing ride at an Ohio amusement park snapped and struck two riders as the swing was in motion,…

Music

Newport Folk Festival: Photo gallery of 35 moments…

As has been the tradition since Bob Dylan plugged in a bajillion years ago, the Newport Folk Festival embraces more musical genres than its name implies.

Music

MKTO: Behind the bromance

MKTO's Malcolm Kelley and Tony Oller talk about the American Dream tour, Demi Lovato and getting turned down by girls.

Arts

James Earl Jones and Rose Byrne head to…

Two-time Tony winner James Earl Jones returns to the New York stage next month as an eccentric grandfather in a revival of the 1930s comedy…

Movies

Box office: Scarlett Johansson wins battle of brains…

Scarlett Johansson's "Lucy" handily dispatched with Dwayne Johnson's "Hercules" over the weekend.

MLB

Yankees looking to trade for Josh Willingham: Report

CBS Sports’ Jon Heyman reported Sunday the Yankees are interested in Twins outfielder Josh Willingham.

MLB

Joe Torre: I'm in Hall of Fame because…

Joe Torre spent 18 years putting together a near Hall of Fame career as a player. But it was the 12 years he spent as…

MLB

Yankees GM Brian Cashman breaks down art of…

The action frequently accelerates as the non-waiver trade deadline approaches, as it will on Thursday.

Auto racing

Jeff Gordon captures fifth title at Brickyard 400

Jeff Gordon captures fifth title at Brickyard 400

Wellbeing

This Week In Health: Friends share similar DNA,…

Friends share similar DNA, study finds Location: U.S. Study subjects: Nearly 2,000 people Results: When it comes to our social networks, it seems that birds of…

Education

Are liberal arts colleges turning away from the…

Bryn Mawr College, a small women's college located just outside of Philadelphia, announced last week that it would be making standardized tests like the SAT…

Education

Recent grads discover school superintendent plagiarized parts of…

  Two recent high school graduates made a surprising discovery about the commencement speech their school superintendent delivered at their graduation: portions of it was copied…

Career

Feeling stuck? Get out of the entry-level job…

Television and movies may be littered with 20-something characters who seem directionless when it comes to their careers, but author Mary Traina says she finds…