Jay-Z has begun the process of divesting himself of his small share of ownership in the Brooklyn Nets in order to extend his Roc Nation Sports representation business into basketball, according to sources that spoke to Yahoo! Sports.
Jay-Z wants to get basketball players as part of his collection of clients, but first has to take legal steps of separating from the Nets franchise.
"It would be disappointing if he left," said P.J. Carlesimo, the Nets interim coach. "I'd be disappointed."
There have been rumors that some baseball and football athletes were going to change agents and Roc Nation Sports, a representation agency that is headed by the rapper in partnership with Creative Artists Agency.
In order to do that, Jay-Z has to sell his share of the Nets to obtain certification as an agent from the National Basketball Players Association. NBA rules mandate that no individual affiliated with a player representation company, of which Roc Nation Sports is, can have an ownership stake with an NBA team.
While Jay-Z would not be handling contract negotiations, he would bring an impressive collection of marketing connections. He would also bring an excellent advantage to the company in the recruitment process.
Currently, Jay-Z owns less than one percent of the Brooklyn Nets. He did have great influence in the color scheme and uniform design for the players, however, as well as participating in the design of some high-end luxury suites at the Barclay's Center in Brooklyn, the home of the Nets.
"He had an enormous amount to do with the rebranding of the team," Carlesimo said. "I like his involvement in the team, he's at the games, and maybe he's around more than I realize behind the scenes.
"He's an excellent fan, one that wasn't just around this year, but a lot in the past too, which is very telling to me," Carlesimo said.
The small .067 percent that Jay-Z owns is worth approximately $350,000.
He is said to have a buyer in place and the process in motion for the sale to go through in time to allow his agency to participate in drafting players in this year's NBA draft.
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