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When Jay-Z bought the small share of the Nets that he did, he did more for the franchise than anyone thought possible: Made it relevant and competitive again |
Due to the recent launch of Roc Nation Sports, the professional athlete representation wing of his media, business, restaurant, etc. empire, it has been reported today that Nets minority owner Jay-Z (real name: Shawn Carter)–media mogul, rapper, Brooklyn native, husband of Beyonce–is looking to get rid of his 1/15th of 1 percent share in the Brooklyn Nets. According to NBA league rules, if Jay-Z's management firm is to get into representing NBA players–as it has done for the MLB's Robinson Cano and NFL's Victor Cruz– he has to sell his small stake in the Nets.
Although amounting to not much more than $300,000 in value, that share of the franchise has represented a massive shift in the history of the Nets, as adding someone of Jay-Z's influence and prestige to the team's list of owners brought it immediate influence and led to the move to Brooklyn; (failed) courting of LeBron James, Dwyane Wade, Dwight Howard; building of Barclays Center; and even the black-and-white jerseys Brooklyn proudly rocks.
Normally a visible courtside influence at Nets games, Jay-Z appears to be forced to give up his official affiliation with the team because of his foray into sports representation, a fact that is a but of a bummer for the Nets, who clearly benefit from his involvement with the team, It doesn't look like there's a timetable yet for when Jay-Z is going to sell his share, or to whom, but it's sure to be a big talking point in the near-future.
Even if he does sell and, for all intensive purposes, severs his relationship with the Nets–from a more personal standpoint–Jay-Z had a massive affect on the Nets franchise, its players, arena, and fans. This team truly wouldn't be where it is now without Jay-Z pushing a lot of the strings from behind the scenes.
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