Jay-Z Relinquishes Ownership Stake in Brooklyn Nets

Jay-Z

Jay-Z helped bring the Nets to Brooklyn, but he must now leave them behind. In a letter posted on his website Life+Times, the hip-hop mogul confirmed that he has sold his ownership stake in the sports team, but remains a Nets fan forever.

“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,” wrote Jay, who still plans to attend the games.

He was forced to sell his investment in the team so that he could pursue his latest venture, Roc Nation Sports, which signed New York Yankees second baseman Robinson Cano as their first client.

“For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets,” said Jay.

Read his full letter below.

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.

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12 Comments

  1. Dopeness

    So…I guess Jay can’t drop Kris from the team?

    [Reply]

    Wow Reply:

    @Dopeness, so shady lmao!

    [Reply]

  2. Sommer

    Good job Jay! Much success in your future endeavors! Brooklyn!!!

    [Reply]

  3. joe

    CB got murked on this. go jigga

    [Reply]

  4. H.N.I.C

    “That God, ‘WHAT A GUY!’, as I say my grace.”
    -JayZ, BP3

    [Reply]

  5. Lost1wons

    I’m pretty sure it was a tough yet wise decision for Jay to make, but ownership in Brookyln Nets was Epic.

    [Reply]

  6. Lost1wons

    I mean it was on the caliber of Oprah or Madonna buildings schools in Africa epic

    [Reply]

  7. Savt1st

    Epic on the caliber of Oprah building a school in Africa

    [Reply]

  8. Mr. Fye

    Still only he could make a move like this.

    [Reply]

  9. Jay-Z Explains Why He Drops Brooklyn Nets Ownership - LoboLatest: Celeb Gossip Entertainment News

    [...] READ FULL LETTER HERE [...]

  10. Jay-Z Cheers On Brooklyn Nets at Playoff Game | RAPLOT.COM

    [...] may have sold his ownership stake in the team, but Jay-Z will be a Nets fan forever. Days after relinquishing his [...]

  11. shahida begum

    ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class.

    [Reply]

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