With the NBA postseason gearing up, Jay-Z has now made it official that he will be selling off his share of his hometown Brooklyn Nets. After being heavily involved with the team landing in Brooklyn and his christening of the Barclays Center, Jay now looks to focus his attention towards his new sports management venture, Roc Nation Sports. The sale of his stake in the team is in order to avoid a conflict of interest with his new endeavor, and Hov made the move public today via a letter on his Life + Times website:
Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.
The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net.
The move will surely only add to the wealth already accumulated by he and his wife Beyonce, further adding to music’s first billionaire couple. It’ll be interesting to what else Hov has in store. Looks like we’ll just have to wait and see.