Posted September 04, 2013

Jason Kidd buys Jay Z’s ownership stake in Nets

NBA
Nets coach Jason Kidd bought Jay Z's ownership stake in the team. (Steven Freeman/NBA/Getty Images)

Nets coach Jason Kidd bought Jay Z’s ownership stake in the team. (Steven Freeman/NBA/Getty Images)

Brooklyn Nets coach Jason Kidd has purchased Jay Z’s stake in the team, The New York Post reports.

Jay Z started Roc Nation Sports agency in April and has since signed Kevin Durant. To represent NBA players, though, Jay Z needed to sell his stake in the Nets.

The New York Times reported last August that Jay Z owned only one-fifteenth of a percent of the Nets but had a major influence on the team’s off-court product.

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The Post reports that Kidd paid around $500,000 for Jay Z’s piece of the team. Russian billionaire Mikhail Prokhorov owns the majority stake in the team.


1 comments
JohnLewis1
JohnLewis1

Well, as much as I was happy Jay Z bought into the team, Jason Kidd is a class guy, and I hope this investment makes him some money down the line.