Jay Z at Yankee Stadium in July (more by Dana (distortion) Yavin)
Earlier this year, Jay Z announced he'd be selling his 'miniscule stake in the Brooklyn Nets,' and it's now being reported that part or all of that stake will be sold to Nets coach Jason Kidd. Reports NY Post:
We're told Kidd will take over Jay's .067 percent (1/15th of a percent) stake in the team for about $500,000.Jay is still the director of Barclays Center though (where the Nets play). Upcoming shows there include Phoenix, Nine Inch Nails, Queens of the Stone Age, Beyonce (all four of whom just played the Jay Z-curated Made In America fest), Yeah Yeah Yeahs, Justin Timberlake, Drake, Vampire Weekend, and more.
The move comes as Jay was forced to sell his Nets shares over a conflict of interest after he started a sports agency, Roc Nation, signing clients including Yankee Robinson Cano and Oklahoma City star Kevin Durant.
A source told us, "Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him."
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.