After weeks of rumors and speculation, music mogul Jay-Z has confirmed that he is selling his share of the Brooklyn Nets.
Jay-Z only owns a fractional share of the NBA team, however the sale is necessary for the rapper to grow his newly developed Roc Nation Sports agency.
While the controlling interest in the New York franchise is held primarily by Russian billionaire Mikhail Prokhorov, Jay-Z is well known as the face of his hometown team.
Late Thursday, Jay-Z issued the following statement in which he pledges his allegiance as a Brooklyn Net:
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.