Jay-Z has begun the process of divesting his 1/15th ownership share of the Nets in order to expand his fledgling Roc Nation Sports representation business into basketball, Yahoo Sports reported Tuesday night, citing unidentified sources.
While the entertainer's share of the team is small, he has maintained a high profile in the team's marketing efforts and was at the forefront of the team's move from Newark to Brooklyn.
According to the report, the selling of his ownership shares of the team is required as a precursor to obtaining certification as an agent for the NBA Players Association
NBA rules mandate that no one individual affiliated with a player representation company can have an ownership stake with an NBA team, the report said.
Jay-Z reportedly seeking to divest ownership share of Nets
Newark Star-Ledger | Apr 10