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Jay-Z selling shares of Nets, getting into player agent business

Apr 9, 2013, 5:40 PM EDT

Entertainers Jay-Z and Beyonce watch Brooklyn Nets play New York Knicks in NBA game in New York Reuters

Jay-Z has 99 problems but soon the Nets won’t be one.

It was rumored a few weeks ago that athletes from baseball and football — Robinson Cano of the Yankees, for one — were about to jump agents to Roc Nation Sports, a Jay-Z headed representation agency that is partnered with powerhouse Creative Artists Agency.

Jay-Z wants to gets some basketball players in that stable of clients, but first he has to take some other steps and has started the process, reports Adrian Wojnarowski at Yahoo Sports.

Entertainment mogul and rapper Jay-Z has started the process of divesting his small share of ownership with the Brooklyn Nets to extend his Roc Nation Sports representation business into basketball, sources told Yahoo! Sports….

Selling his share of the Nets is a necessary prelude for Jay-Z to obtain his National Basketball Players Association certification as an agent. NBA rules mandate that no one individual affiliated with a player representation company can have an ownership stake with an NBA team.

Jay-Z would not be the guy handling the contract negotiations or day-to-day of the agency, that falls to the CAA agents. However, what he brings in terms of marketing connections is impressive. Plus he’d be a recruiting force in an already cutthroat business.

Jay-Z owns less than one percent of the now Brooklyn Nets. However, he had great influence in the color scheme and uniform design for the Nets — back and silver with an old-school classic logo — as well as designing some high-end luxury suites at the Barclay’s Center in Brooklyn.

He’s supposed to have a buyer and process in place so his agency can go after players in this year’s NBA Draft.

And if you’re a 19-year-old guy out of college and Jay-Z gets on the phone with you, says he loves your game and says he wants to rep you, what do you think the answer is?

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