Jay Z reportedly selling shares of Nets to Jason Kidd
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.
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