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Now that Jay Z leads his own sports agency, he can no longer be a minority owner of the Brooklyn Nets, due to a conflict of interest. He finally found a buyer for his stake, selling it to the team’s new head coach, Jason Kidd.
The New York Post’s Page Six is reporting that the “Magna Carta” rapper is selling his .067 percent (1/15th of a percent) stake in the team to Kidd. “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him,” Page Six’s source said.
Bloomberg reports that a team spokesman has not commented on the report.
Jay Z established the Roc Nation sports agency in April through a partnership with Creative Artists Agency. The first athletes to join the agency were Robinson Cano of the New York Yankees and the New York Giants’ Victor Cruz. He also represents Oklahoma City Thunder star Kevin Durant.
Jay Z has been a vital player in the Nets’ move from New Jersey to Brooklyn. He reportedly contributed to the team’s new black-and-white logo and uniforms and was the first artist to perform at the new Barclays Center.
The team’s majority owner is Russian billionaire Mikhail Prokhorov, who owns 80 percent of the team.