Jay-Z is being forced to sell his stake in the Brooklyn Nets basketball team and its home, the newly-opened Barclays Center, because of his new sports agency Roc Nation Sports.
Earlier this spring, Jay Z’s entertainment company, Roc Nation, got into the sports agency business with the creation of Roc Nation Sports. The company, which the rapper set up with with Roc Nation president Juan Perez and the Creative Artists Agency, currently represents New York Yankees’ second baseman Robinson Cano, New York Giants’ wide receiver Victor Cruz, and basketball player Skylar Diggins.
According to Forbes, the rapper has already begin selling his stake in NBA team Brooklyn Nets, getting $500,000 (£310,000) from the team’s head coach Jason Kidd for his one-fifteenth of one percent. The sale to Kidd values the Nets at $750 million (£465 million), and is the second-highest price paid for an NBA team.
While Jay Z reportedly owns just under one fifth of one per cent in the Barclays Center, which is worth around $741 million (£460,000), his stake is worth around $1.5 million (£930,000). However, given the success of the arena, which opened in September 2012, Forbes estimate that he could get more.