Jay Z will no longer be a minority shareholder with the Brooklyn Nets after selling a small stake in the team to the new head coach Jason Kidd, according to the New York Post.
The rapper recently started Roc Nation Sports, an agency that represents a host of high profile athletes including Oklahoma City thunder superstar Kevin Durant, it created a conflict of interest. As a result, reports claim other owners preferred their new coach (Kidd) as the new minority owner.
Jason Kidd will take over Jay Z’s 0.067% stake in the team for about $500,000, Jay Z played a key role in the rebranding of the franchise as it made the transition from New Jersey to Brooklyn and changed its look. He reportedly improved the team’s appeal to players as it was attempting to develop a title contender.
The currently have one of the best starting lineups in the league, let’s just say on paper, with Deron Williams, Joe Johnson, Paul Pierce, Kevin Garnett and Brook Lopez.