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Jay-Z makes reports official: “My job as an owner is over”

Apr 19, 2013, 9:17 AM EDT

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

Jay-Z is out.

We brought you the report a couple weeks ago that rapper/mogul Jay-Z was selling his sliver of a share of the Brooklyn Nets so he could get into the player agent game. (Jay-Z owns less than one percent of the Nets.)

He seemed to confirm the sale in a song “Open Letter” that dropped a few days after reports surfaced he was selling.

“I would have brought the Nets to Brooklyn for free, except I made millions off of you [expletive] dweebs. I still own the building, I’m still keeping my seats. If you buy that [expletive], you better keep your receipts.”

But in a statement on Lifeandtimes.com, Jay-Z made it official that he is out of the ownership business.

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.

Jay-Z had to get out because he wants to get into the player representative/agent business. He helped form to Roc Nation Sports, a partnership with powerhouse Creative Artists Agency where Jay-Z helps provide marketing to players. Robinson Cano of the Yankees is reportedly one of a handful of players already on board.

There are reports Reddit co-founder Alexis Ohanian wants to buy Jay-Z’s small share of the team.

  1. money2long - Apr 19, 2013 at 9:25 AM

    i wonder if Jay would’ve kept his job as an owner if his boy Lebron or even D12 decided to join his clique and play for the nets

  2. heat256 - Apr 19, 2013 at 9:26 AM

    What job? Have your GM trade for overpriced and field a pretty mediocre team, which looks good by Eastern Conference standards? Wait, you did help design the uniforms, so there’s that. Totally makes your reign noteworthy.

  3. herlies - Apr 19, 2013 at 9:48 AM

    Dude, you owned less than 1% of the Nets.

    Now go buy your wife some new wigs or something.

    • beagle11 - Apr 19, 2013 at 11:11 AM

      Dude, you don’t even own the basement apartment in your grandmother’s house that you live in.
      Now go buy your blowup doll some new wigs or something

      • herlies - Apr 19, 2013 at 11:23 AM

        Wow, what a baby.

      • fanofevilempire - Apr 19, 2013 at 12:16 PM

        you sound like you do own that basement apt. in grandmothers house, WOW,
        you have done so good for yourself!

    • fanofevilempire - Apr 19, 2013 at 12:14 PM

      Jigga and Beyoncé have become annoying.

  4. mr9teen - Apr 19, 2013 at 10:13 AM

    Why does everyone keep making it a talking point that he had a small/sliver of ownership? That reeks of hate. His small/sliver share of the Nets got him a seat at the table. It allows him to move in circles that he probably would not have. It would be the same as saying the writer of this article has a small role. Just give the man his props. He came, he saw and now he’s moving on.

    • beagle11 - Apr 19, 2013 at 11:14 AM

      It’s mind boggling

  5. 6stn - Apr 19, 2013 at 10:19 AM

    So…When it came to being a part-owner, this guy was really a JayVee?

    • fanofevilempire - Apr 19, 2013 at 12:17 PM

      that was so corny……. but funny.

  6. lakerluver - Apr 19, 2013 at 12:14 PM

    When did it ever begin?

  7. thenew013 - Apr 19, 2013 at 12:17 PM

    i dont get it. who is he calling a (bleep) dweeb? the fans of the nets? the other partial owners? the fans of his music? i havent heard the song so maybe there is more to it but if you are coming at the fans for supporting your career and helping you become what you are today than your the dweeb.

    • fanofevilempire - Apr 19, 2013 at 12:19 PM

      I think Jigga has lost his edge, Beyoncé has changed him into
      a spoiled selfish celebrity.

  8. Mr. Wright 212 - Apr 19, 2013 at 1:10 PM

    All 1/10th of 1%.

  9. aboogy123456 - Apr 19, 2013 at 3:46 PM

    He wasn’t really an owner for the nets but I think it was a smart marketing ploy by the team and a good investment by Jay-Z. I think people associated the brooklyn nets with Jay-Z, and he’s a good brand that helps sell tickets. They didn’t have a true franchise player to get fans excited in the move, but Jay Z’s involvement helped generate some excitement that this is a new and cool nets team. Its a win win for Jay Z and the Nets. It’s another thing he can add to his resume and help promote his brand, and he was the best marketer for the team. Now he made a little bit of money and it’s on to the next thing.

  10. nobandwagonridersallowed - Apr 20, 2013 at 2:02 AM

    Truly entertaining to see so many people hating on his share of the Nets. Y’all act as though he owns 1% of your grandma’s Wednesday night Bingo tournament. Sheesh! Most people hating probably don’t even OWN the car you drive, if you happen to have 1. (and if you’re making payments, you dont own it) Lets Stop the madness folks.

    Wikipedia reports that, Shawn Carter (Jay-Z) paid $4.5 Million for that tiny share of ownership some of you are turning your nose up at. I’m not a personal fan of his, but it’s clear the guy knows how to make a couple dollars

  11. kiingmilli - Apr 20, 2013 at 2:34 AM

    I came to view the comments and by the looks of things people are pure haters. 1% is a lot in a multi million dollars franchise. He put up the bucks to make more paper, he did his part, the team moved the colors change they’ve made the playoffs, Job well done. J step down because he couldn’t own a team and start handling players that’s against the rule of the NBA. How would that look? He owns a team and has players from other teams he managing or has a contract under, if something was to happen then it fall on him

  12. oms0004 - Apr 20, 2013 at 5:56 AM

    So who will be Jigga’s “Ricky Williams?” Do we already have it in Cano? Or will he pick up a major NBA FA? Will it work out better for HOVA better than it did Master P?

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