Jay-Z Confirms He No Longer Owns the Brooklyn Nets

By: Amanda Anderson-Niles

Rapper and business man Jay-Z is without a doubt one of the most successful rappers in the music business because he managed to figure out how to make money many ways outside of music. He’s also decided to shift his entrepreneurship into not only music artist management through his company Roc Nation, but now he’s decided to represent athletes with Roc Nation Sports. With big time clients like Rihanna and Victor Cruz on his rosters, it’s clear that Jay-Z’s empire will continue to grow. However, reports have been speculating that he would sell his part of the ownership of the Brooklyn Nets in order to seek certification in representing athletes. The rapper has now confirmed that he has sold his stake in the team, and he announced it on his website Life + Times through an official statement. He writes:

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 may no longer be an owner of the Brooklyn Nets, but according to new reports, that won’t hinder the fortune he’s made with his wife Beyonce. The couple has been named as Pop’s very first billionaire couple.