share

Jay sells Nets stake to Kidd

McDunkin
McDunkin's picture
Registered User
Joined: 03/17/2010
Posts: 7495
Points: 28430
Offline
Jay sells Nets stake to Kidd

Jay Z is selling his minority ownership in the Brookyn Nets to coach Jason Kidd, sources exclusively tell Page Six.

We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000.

The move comes as Jay was forced to sell his Nets shares over a conflict of interest after he started a sports agency, Roc Nation, signing clients including Yankee Robinson Cano and Oklahoma City star Kevin Durant.

A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”

<br />
AP
Jay-Z

Amazingly, Jay was introduced to the team in 2003 by Drew Katz, the son of one of the Nets’ principal owners, after Kidd, then the Nets’ marquee point guard, suggested the music mogul buy the team.

According to reports, Jay helped design the team logos and choose the Nets’ stark black-and-white color scheme, and personally appealed to National Basketball Association officials to drop their objections to it.

The Times reported Jay’s influence stretched so far, he courted top players to join the team and even counseled execs on music to play during games.

“He is it,” Bruce Ratner, the Barclays Center developer, said in an interview. “He is us. He is how people are going to see that place.”

Russian billionaire Mikhail Prokhorov bought 80 percent ownership of the team in 2009 and appeared on billboards with Jay.

Meanwhile, Kidd, who signed on as Nets coach in June, added to an impressive lineup including Deron Williams, Joe Johnson, Paul Pierce, Kevin Garnett and Brook Lopez. We’re told that, unlike Jay, the coach owning minority shares in the team would not be seen as a conflict of interest.

A rep for the Nets had no comment, and Kidd’s spokesman, Nets VP of public relations Gary Sussman, also declined to comment. Reps for Jay Z didn’t get back to us.

http://www.nypost.com/p/pagesix/jay_sells_nets_stake_to_kidd_TANuiCMTi5FlIEVBRuN89L?utm_medium=rss&utm_content=Page%20Six


JoeWolf1
JoeWolf1's picture
Registered User
Joined: 05/28/2009
Posts: 8333
Points: 16987
Offline
Jason Kidd is .067% his own

Jason Kidd is .067% his own boss.

@activehustle
@activehustle's picture
Registered User
Joined: 12/05/2008
Posts: 702
Points: 1724
Offline
That will change if you read

That will change if you read the whole article:

A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”

JoeWolf1
JoeWolf1's picture
Registered User
Joined: 05/28/2009
Posts: 8333
Points: 16987
Offline
Just making a joke

Just making a joke

Tyrober
Tyrober's picture
Registered User
Joined: 06/16/2009
Posts: 2908
Points: 7901
Offline
I had no idea Jay Z owned so

I had no idea Jay Z owned so little of the Nets. When he was called an owner I assumed he owned maybe 10% of them or something, but I never thought it was 1/15th of 1 percent.

Taylor Gang Mike
Taylor Gang Mike's picture
Registered User
Joined: 11/07/2011
Posts: 1338
Points: 1617
Offline
It does not matter how much

It does not matter how much you think Jay owned, he is Brooklyn. He was a key for the new arena and revenue. Jay is a big deal. He still got his seats! hahaha

Good for Jason tho

Tyrober
Tyrober's picture
Registered User
Joined: 06/16/2009
Posts: 2908
Points: 7901
Offline
I agree he was a big deal for

I agree he was a big deal for Brooklyn and I am sure they are sad to see him go. I just thought he owned more than that.

Moon River
Moon River's picture
Registered User
Joined: 08/11/2010
Posts: 913
Points: 1543
Offline
Such Good PR

Just think of all of the mileage the Nets/Brooklyn got from Jay Z being such a small shareholder of this franchise? There is a reason that Prokhorov is a billionaire.

IndianaBasketball
IndianaBasketball's picture
Registered User
Joined: 05/09/2009
Posts: 12827
Points: 24570
Offline
It is funny just how little

It is funny just how little of the Nets Jay-Z owned, especially when you consider how he was bragging and boasting about it. You'd have thought he owned half of the team.

unemployedballer
Registered User
Joined: 09/04/2013
Posts: 68
Points: -169
Offline
Yeah.. I had been thinking

Yeah.. I had been thinking the same thing.. And he making songs about paying dwayne wade..gtfoh..hahahaha

RSS: Syndicate content