Jay-Z to Sell Brooklyn Nets Shares, Become NBA Agent (Report)
The rapper/mogul can't represent basketball stars if he partly owns a team.
Jay-Z has decided to sell his shares of the Brooklyn Nets, the team for which he is the unofficial celebrity ambassador, in order to expand his sports representation agency to include NBA players, Yahoo Sports reports.
The rapper/mogul, who is reported to own one-fifteenth of 1 percent of the Barclays Center-based franchise, recently teamed up with CAA on the launch of Roc Nation Sports, representing pro athletes. But he can't sign basketball stars if he has a stake in a team. It's an NBA rule and part of the process of getting certified by the National Basketball Players Association to become an agent.
According to Yahoo, Jay-Z's transition from Nets co-owner to NBA agent should be completed for the league's June draft. In his partnership with CAA, the firm's agents will oversee contract negotiations while Jay-Z will leverage his worldwide influence in the realms of business and entertainment. CAA's clients include Carmelo Anthony, Chris Bosh and Tony Parker.
"I would say (Jay-Z) had an enormous amount to do with the re-branding of the team," the New York Daily News quoted Nets coach P.J. Carlesimo as saying ahead of a game on Tuesday. "I was not close to it at all, but from what I heard and what I read and saw, he was huge — it would be hard to overstate how important he was to the rebranding. ... So it would be disappointing (if he left the Nets). I would be disappointed. I like his involvement with our team."