Sep 4, 2013, 9:42 AM EDT
He’s not just the coach, he’s the owner… of a sliver of the team.
Remember that Jay Z owned 0.1608 percent of the Brooklyn Nets — a small part of the team but it gave him room to boast on tracks and be at the heart of the redesign of the franchise’s look when it moved to Brooklyn from New Jersey.
Now Jay Z is getting into the agent business (his agency has signed Kevin Durant among others) and he has to sell his ownership share.
Jason Kidd is buying half of that stake at a cost of $500,000. No word on if that includes a share of the Barclay Center. The other half of Jay Z’s share of the team was purchased by an existing minority owner of the team. The New York Post broke the story but the New York Daily News had the updated information.
This is just everything coming full circle — Jay Z bought a part of the Nets back in 2003 at the suggestion of Kidd. Back then Kidd was the Nets All-Star point guard dropping 18.7 points a game. The conversation allegedly took place at Kidd’s 30th birthday party, which was at Jay Z’s 40/40 club in New York.
There is no conflict; coaches can own part of a team (players cannot).
What this means for the Nets ownership structure is nothing, really. Mikhail Prokhorov owns 80 percent of the Nets and is the driving force behind the changes there. It just means when the Nets massive tax bill comes due (they have about $102 million payroll which will mean about $87 million in taxes) Kidd can pay part of it.
Sep 30, 2014, 8:15 PM EDT
Everyone wants to derail the 76ers’ plan
Sep 30, 2014, 7:20 PM EDT
I don’t know whether this helps Kentucky’s players. It opens Calipari’s options, though.
Sep 30, 2014, 6:28 PM EDT
Now we know what show promos TNT is going to beat us over the head with during the next playoffs.
Sep 30, 2014, 5:44 PM EDT
Expectations are reduced, but Miami still has the chance to be pretty a pretty good team — even without LeBron James.
Sep 30, 2014, 4:59 PM EDT
Sep 30, 2014, 4:20 PM EDT
John Wall fires back: ‘They haven’t seen a playoff game yet. When they make one they can start talking.’
Sep 30, 2014, 3:40 PM EDT
Thunder center has a new, um intense, loook
Sep 30, 2014, 2:59 PM EDT
Mike Miller being amnestied may have been the first domino to fall in LeBron bolting.
Sep 30, 2014, 2:20 PM EDT
Sep 30, 2014, 1:40 PM EDT
Is Melo even a superstar?
Sep 30, 2014, 12:59 PM EDT
LeBron could miss Cavaliers’ practice tonight
Sep 30, 2014, 12:57 PM EDT
The NBA is just more fun with Swaggy P in it.
Sep 30, 2014, 12:26 PM EDT
It does — at least Kobe’s
Sep 30, 2014, 11:40 AM EDT
Manning leads by detailed preparation and then an ability to read a defense, a good example for any point guard.
Sep 30, 2014, 11:00 AM EDT
GM Ainge hints he’d offer the max to Rondo next summer.
Sep 30, 2014, 9:30 AM EDT
We could see a lot more of this during the season.
Sep 30, 2014, 9:00 AM EDT
When will Lakers star retire?
Sep 30, 2014, 8:30 AM EDT
What about Chris Paul?
Sep 30, 2014, 8:00 AM EDT
When will John Wall join his Mohawked teammates?
Sep 30, 2014, 12:15 AM EDT
Lakers might need Kobe’s scoring, but they shouldn’t count on that much from aging star
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