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Jay-Z Is No Longer Part Owner Of The Brooklyn Nets


(AllHipHop News) In these past two weeks, Jay-Z has started a sports agency, signed Robinson Cano, began his application to become a sports agent and now has relinquished his minority stake in the Brooklyn Nets.

[ALSO READ: Jay-Z and Beyonce Become Music’s First Billionaire Couple, Reddit Co-Founder Wants Jay-Z’s Nets’ Share]

In a statement posted on his Life+Times website, Jay-Z gave his thanks and states he’s now focusing on “building the brands of professional athletes”. The diverse entrepreneur says an NBA mandate requires him to relinquish his stake in the Brooklyn Nets in order for Roc Nation Sports to fully flourish:

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.

Rumors suggest that Mr. Carter is trying to get the sports agent application process over with in order to be able to participate in this year’s NBA draft which begins on June 27th.

[ALSO READ: Jay-Z Covers TIME Magazine’s 100 Influential People, NYC Mayor Michael Bloomberg Writes The Article]

  • Communist Russia.

    Sound like they just used him to get Brooklyn to bite on the nets.

    • DLOUPO

      THEY WAS ALREADY GOING TO BK THATS Y JAY JUMPED ON HE DIDNT EVEN INVEST A MILL

      • jame$

        if it was that easy to drop $1,000,000 why aren’t there more sport owner? Because in this country, The USA, $1,000,000 isn’t nothing when you talking real money! $1,000,000 might be the bribe money for vendor who runs the food and drink stands in the building but in the NHL, NFL, MBL, what ever soccer is called here, let alone the declining business in the NBA a $1,000,000 might get you into the meeting about $35,000,000 on owning 1% of the Nets.

      • Sa Go

        what is with you and this $35 mill…..why cant you do math? 1% of $360 mil = $3,600,000 and jay owned less then 1% so its less then that even. @disqus_xf9s6f4NtI:disqus let the $35 mil go, you can’t do math! how old are you? i’ll feel bad if your 13 or something cause that might explain all this.

      • jame$

        WTF is wrong with you people. Add 20 to that 13 and that’s my age, he got 1% off his $35,000,000 investment which is $3.5million and after taxes and fee he walked away with about $2-$2.5. I’m so done with this shit cause we all talking about another man’s money!

  • Another Day Another Dollar for this man. That’s what up

    • obamanator

      yeh that camel stays thirsty

      • RMfag

        If you lead a camel to water? Will it drink?

      • He will drink the river dry!

  • DLOUPO

    HE CASHED OUT FOR 350,000 MY HOUSE COST MORE THEN THAT, JAY STOP FRONTN

    • brotha_man

      its not about the cost of “your house” this is the concept of business it takes money to make money. the opportunities are greater with his new endeavor. STOP SPAMMING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

      • DLOUPO

        YOU MISSING THE POINT JAY ACTED LIKE THE NETS WAS HIS “MOVING THE NETS BK” WHEN INFACT THE NIGGA HAS NO DSAY SO IN NETS OPERATIONS HE COULDN’T EVEN TELL THE NETS WHAT KIND OF TOILET TISSUE TO PUT IN LOCKER ROOMS

      • brotha_man

        no the nets was a starting point. in other words this was jay-z “college” he learned his lesson. if I brought a company for lets say 3 million dollars and your stake in my company is less than 2 percent what makes you think u can make decisions. stakeholders vote collectively on things to make things happen. so if jay z wants 2 ply but the other stake holders want 1 ply…..guess what? we get 1 ply.

      • Yeah, but as the face of the team……

      • Brotha, you couldn’t have said it any better. I’m glad some peeps get it.

    • jame$

      try $35,000,000. If you do the math of what percentage he owned it comes out to $35,000,000. He did not, DID NOT, relinquish his ownership for the cost of less then your house unless your house cost $35,000,000

      • RMfag

        How the heck does a basketball team cost 35 million?

      • jame$

        Go to forbes and do a little research! Again profession sport teams aren’t cheap to get into! If that’s the case why don’t players buy into teams after their careers? Cause they can’t afford to do so and I’m sure they got a million in a bank some where even though that cash flow slows down after they done playing, if that’s all it cost on own a piece and if you do math owning 1% of a sport team will bring a nice ROI(return on investment)!

      • brotha_man

        Preach!! you telling the truth

      • Lanre Okunnuga

        if 1/15th of 1 % is 35 million how much is the franchise worth? SOrry but your math is wrong, or he owned more than 1/15th of 1%. I think your math is wrong because he has said he owns less than 1%. Even if he owned 1% then at 35M the nets would be worth 3.5 billion. Now that just aint true. The most valuable sports club in the world is real madrid. And even they are not worth 3.5 billion!

      • jame$

        The team which includes players, stadium, market and brand is worth $530million in todays money. When the majority owner of the team bought it, he paid $360million. What would $350,000 do for you 1/3 of a billion business? It wouldn’t do nothing. And you telling me 1% of $350million equal what? If you don’t mind me asking where did you go to school at?

      • jame$

        Never said the team cost $35million. It’s worth $530million. The team which includes player, venue, market and the brand is worth $530million in todays money but was bought years ago by the majority owner at $360million. Inflation, the new venue and some players has increased the value but yeah it’s listed 9th in value among the other NBA teams! It’s not cheap to buy into a profession sports team which is why in hard times the industries of sex, drugs and entertainment always ride the wave higher then the average working people!

      • DLOUPO

        LOL 35MILLION DOLLARS ARE YOU FUCKN STUPID THIS IS WHY I USUALLY DONT RESOND TO YOU LUNATICS, WHERE U GETTING YOUR INFO FROM? SMH I’M DONE CHECK UR FACTS DICKHEAD

      • jame$

        My info is fact based. Be done but go to Forbes or better yet go to google search what is the Brooklyn Nets worth and do some math and be a man and say you didn’t do your math and your wrong! It’s ok, we all make mistake and talk before we think or research sometimes! I forgive you, son!

      • Ediddy

        Your math is way off. Jay owned less than 1% of the team, 1% written as a decimal is 0.01, Jay didn’t make $35 million from a $2 million dollar buy-in. if the team really is worth $360 mill like you say, and Jay owned less than 1%, the math is $360mill x .0060 = $2,160,000 Buy-in. Go to school and learn something.

      • Naledge77

        @disqus_YIm5xQWOUg:disqus is correct with his calculation. But the truth of the matter is “who
        really cares????” I’m just glad to see a dude from the ‘jects make it to
        the top of the totem pole.

      • jame$

        I don’t mind being wrong but I did my research on this and the team, players, market and stadium is worth $530million. He didn’t make $35,000,000, he made $2,000,000 off his $35,000,000 invest. Now if you know what inflation is you know what something is worth today was worth less 1o years ago. So the majority owner bought the team from $360million which was the cost when the Net was in NJ year ago. If you round 0.67% to the nearest percent what is that? It’s 1%. Just because the stakes of something is worth a certain amount don’t mean that’s what it sells for! If I was selling a rare item valued at $1,000,000, that don’t mean that’s what I want for it and if someone wants it bad enough they will pay more then what the value or what I’m asking for it! Same reason you can go buy Jordan for $250 when they are released for sale and online the same authentic sneakers can sell for $500. It’s economics. It’s above simple thinking that you just don’t get!

      • jame$

        The team is worth $530million, players included in todays money! The majority team owner was bought it for $360million. What’s 1% of $360,000,000? That’s $360million? Minus fees/taxes he skated with about $35,000,000! Economics homie!

      • I can do math

        How is it that high school graduates can’t do basic math???? I’m not arguing about how much Jay actual owns, or walks away with; just the lack of basic math skills. Going with the assumption of 1% and the current value I’ve seen listed above $530 million.

        What’s 1% of 530 million? 35 million really?????
        530 million x .01 = 5.3 million on my calculator, computer, ipad and iphone!!!!!

        arguing so passionately and being absolutely ASS wrong… not a good look….

      • ImaFoolBoy

        Actually yes it is $33.5 Million you idiot…0.67% of a $5 Billion franchise is 33 fuckin million….what dont you understand about that??…you need to stop all this damn hating you are on every fuckin Jay Z/ Nets blog spitting the same FALSE, weak ass, hatin ass comments…smh

      • jame$

        Thank you! Sad that some people don’t expand their minds beyond the blogs and rumors online and get some facts! DLOUPO better never get involved in any dirt in the streets cause he clearly aint good with math and will go bankrupt faster then it take to make some cook up!

      • DLOUPO

        SO THE NETS IS WORTH 5 BILLION? YOU SEE THIS WHAT IM TALKING BOUT LOL

      • ImaFoolBoy

        Bottom line: It doesnt matter how much Jay Z owned bcuz HE ALONE IS WORTH MORE THAN THE ENTIRE NETS FRANCHISE!!!…so stop with the hating man and get out here and get you something…Jay Z should be an inspiration to you, instead you waste your time dissing something that you yourself will never come close to accomplishing…and thats sad homie

      • Shalove2

        Forbes estimates the Nets value as $530 million. so his 1% stake is worth about 5.3 million. Still more than DLOUPO’s house I bet.

      • Shalove2

        3.55 million base on 0.67 %.

    • Celz

      How much money you think Jay made off the Nets though? He got his fingers in EVERY business move they make.. Shootin a couple hundred stacks into ownership was just gettin his foot in the door… I bet his ROI (return on investment) is higher than most NBA owners..

  • brotha_man

    i guest betraying ur partna (Dame Dash) was the ultimate hustle.

    • RMfag

      The hustle that never stopped hustling….. karma will be a bish doe.

      • RMfag

        Sad that he screwed over a suckable like Dame Dash.

    • Stacie

      How did he screw Dame Dash? I remember Dame saying Jay ask for the masters to Reasonable Doubt and he would give him everything. Dame said no. Dame screw himself over pride. Plus, Dame thought Jay would fail but the only one who failed was him.

    • Celz

      You mean the dude that made his homie VP of THEIR company while Jay was on vacay?

      • digitallife

        You mean he made a successful entrepreneur a vp? A guy who took nothing and made millions on it? A dude who was giving roc a young face again? Like it or not cam was good money for rocafella.

      • Celz

        That’s not how you do business lol.. In the streets or corporate.. Rocafella was part Jay’s too. You always consult your partners first. That showed where Dame’s loyalty is..

      • digitallife

        Who paid jay-z exit money from relativity records? Dame out of his own pocket. You want to talk about loyalty? G T H O H with that..Dame put everything he had into making Jay a success. Folks dismiss how vital Dame was to Jay-z’s entire success start to the end of his career.

      • Shalove2

        And he was compensated accordingly. That does not entitle Dame to suck at the teat for life! Partnerships end, most not well. Look at Fubu, Damon’s doing well everybody else is struggling. The nature of parnerships someone always comes out better than the other at the end. Sometimes based on who works harder or smarter and sometimes because the’re more selfish or devious.

      • digitallife

        Rocafella was only part jay’s because Dame and Biggs let it be that way so there would be no envy. Yet who broke that apart? Jay was already branching out without consulting his partners..Lyor is the reason why Rocafella broke up..not dame dash. Want proof? Jay turned down a more lucrative deal to go sign distribution deals with Lyor. Those who bother to actually go search for the truth will find it and trust me once you look past the smoke and mirrors..9 upset successful people singing the same tune vs 1 trying to change the perspective of the public..well the 9 will always win but it’s cool keep following the p.r. stuff.

      • Celz

        You sound like a hater.. I don’t know known of them niccas so who did who shady doesn’t matter to me..

        My point still stands puttin ya homie at VP while Jay on vacation is disloyal and any corporate or street nicca who has any sense woulda shook Dame after that..

      • digitallife

        Here we go with the hater ishh..i’m just gonna laugh it off and let you remain with your perception. If you even care the truth is out there for you to read, if not that’s fine too. You tell me a fledgling label is going to pass up on signing a dude who had street dudes rocking pink wasn’t good business for a label with a clothing line and a fledgling roster of artists? LMAO.

      • Celz

        I don’t care to know the truth according to you lol.. Jay is cutthroat businessman and Dame is an asshole businessman.. They made history and split up.. The End.. It was predictable and couldn’t have ended a different way..

        Whatever insider information you are referencing is so far from the truth it is irrelevant.. The break up was partly on Dame not being solid and those two egos staying together was impossible anyway..

        You still ignore my original point.. Not waiting for Jay to come back to make Cam VP was shady and not solid from a street or corporate standpoint.

      • digitallife

        This is the typical Jay-z conversation path. Everything that introduces a new perspective is always hearsay or speculation. It’s amazing how the mechanics of this mans public relations movement has gone to the point where people cannot accept anything but what he says as the truth. It’s cool tho, you think this is false so be it. I’m just another anonymous person posting on AHH to you and that’s fine. I’m a believer in the saying “The truth will always find the light” and it will once folks aren’t in the running to make money off the man much like has happened to every artist once the limelight fades. I guess he just slapped Camron with a gag order for no reason whatsoever as well.

      • Celz

        l like Jay and Dame.. But really fucc both of them niccas.. They aren’t helpin me and mines get any.

        You sound like you have feelings for them.. And you still won’t address my original point.. I never said Jay didn’t do anything wrong.. Why would you even care to bring out the truth? They wasn’t married and they didn’t break the law.. Business partners moving on is normal.. Lol I’m done man stop respondin real talk

      • digitallife

        Don’t get all cute cuz. On the real that condescending stuff makes you look childish. Your point is mute..the blueprint to rocafella was as follows.. Kareem was the muscle, Dame handled all business deals, and jay handled the music end. They themselves were in the source saying this as well as other publications and interviews. So yes Dame was well within his right to hire someone who was emerging as a savvy businessman and could help them expand their brand to a new audience. Because Jay had a personal issue with Camron is why that fell apart, business is business emotions is for chicks. Camron wasn’t a fit? Guess everyone who has done branding business with him are all also his homie. Business partners moving on is fine, business partners railroading each other because of Lyor Cohen wanting more of a cut is a whole other story.

      • Shalove2

        What;s this “successful entrepreneur” now. What’s happened to Dipset? What’s happening with Dash Entertainment, Pro Keds or ant other projects from Dame or Cam’ron? Sometime it’s best to separate from the old so that something new can grow.

      • digitallife

        You might wanna go do some reasearch on all those questions..you might be surprised at what you learn bro. None of these dudes is hurting for money without jay despite what blogs want to spout.

      • Shalove2

        It’s not about hurting for money it’s about successful business ventures or the lack of any. Dipset failed clothing line, failed recordings or no recordings released. Dame’s lose of Pro Keds. failed bar/catering/club space and millons owed to the IRS.

  • RMfag

    Id suck Jay-Z and the whole team off.

    • RMfag

      Especially that white peen.

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  • $11625525

    He still own the building, still keeping his seats, ya’ll believe that sh!t you better keep your receipts.

  • Reblogged this on L3GACI.

  • i wonder how come he still cant b part owner of the nets and still have the roc nation sports

    • Sa Go

      conflict of interest, he could possibly use his influence as an athlete promoter for big name basketball players to go to the nets. Things like that are not allowed business usually.

  • TFLO

    congrats jay! always doin you. check out hip hop media live. com for sports, media, and hiphop

  • digitallife

    Who gives a flying fk..the mofo uprooted some of the oldest families in Brooklyn to make a buck and frönt like he mattered. Dude was the uncle Tom both rattner and prov used to sell this to Brooklyn people. What about the people who lost their houses and didn’t get a single dime for it? Mofos celebrate the success of one man while ignoring the price literally tens of thousands had to pay for it. I’m happy for jays accounts but the reality is people need to wake the hell up..this dude sells out his own people on the cheap at the blink of an eye. All that space in red hook that’s empty and wouldn’t have affected anyone..but no lets do downtown Brooklyn cause jay-z owns the team..crock of shhh.

    • bisolabliss

      You are making way too much sense for the crowd on here man. A lot of our people don’t get why Jay was made the face of Nets to begin with. It was all a ploy to calm us down…now the deed is done, Jay gets paid off of the branding he got in the building, ordinary Brooklyn folks got screwed and silly folks still don’t get it. And all this went down right before their very eyes…sigh

    • Shalove2

      Nonsense what oldest families in Brooklyn. Few people who were displaced were the Johnny come lately gentry who got there in the early 1990’s by displacing the Black and Latino families that were there. They displace a o;d gas station Uhaul rental place and some old commercial spaces. Ratner’s residential complex will be built over the old LIRR train yard.

      • digitallife

        Really? You may wanna take a trip down to chambers street and broadway..you know the building that handles city permits..for 25 bucks they’ll give you the lay of the land of where this stadium is and for another 25 bucks give you a lay of what was there. I always say I don’t have to prove you wrong..I can just point you to facts that’ll prove you wrong themselves. Even easier you don’t have to spend $50 the council meetings minutes (documentation of the residents complaints at a town hall meeting) are available via the government for free.

      • Shalove2

        I don’t have to make a trip. I’m 54 years old born and raised in Brooklyn,New York. I know what was down town Brooklyn. I know that there was no housing on Atlantic avenue or Flatbush Avenue. There were a couple of walk ups on the Pacific Street side and the back was the train yard. Where is this major displacement of long time residents?

      • Shalove2

        And this crowd at the city council meeting lead by Leticia James and a bunch of johnnie come lately White gentry complaining about there lose of sun light crowded subways and people parking in front of their multi-million dollar brownstones they originally purchased for pennies on the dollar from the prior working class owners.

  • big L, biggie, dame dash, suge knight , j prince, Irv gotti, big daddy kane, jaz o, kareme biggs, and there’s Hov, did alot, did he… made time magazine, heard my time, influenced everyone to be a drug dealer to make it in white

    america and end up locked up or dead, listen to roc boys song said he shot me up, ” I tore you out the frame, ( he

    was talking to me ) ” I am still here and will be forever ” cops also had something in on this, Jay z know, , I

    am man who been shot 23 times in new york still with nothing wrong with me and hov now on the cover of times

    magazine as 100 influential people in america, a real Ghandie, Martin Luther King, Dahlia Lamia, yea right, Gates,

    Bloomberg, Buffet, And yea Rockafellers, the idea of keeping black america in hell with mandigo as their leader, a

    killer on the front of time magazine, only in America, Keep the n – word alive…, all about money who care’s about

    my race, didn’t help Africa in their plight of water, and have not help Africa in nothing, but is influential, name

    his daughter after an old girl friend, this guy is pure heartless, King ho, u said it… all the rappers is drug

    dealers now, real influential, America is a fraud… why r ya’ll all scared to help your country ( Africa )

    everyone else help there’s… wait forever on the white man, so he can take it over and you have nothing… ya’ll

    got real leaders,,, yeah right… lets see how for this go…. one read and the truth should go for…. but the

    high up keeps it hid, and everyone is afraid of them… that’s why they sell their souls… Keep the fakes in and

    the real’s out… ( excuse the spellings, I’m like media take out and allhiphop now… )

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