After helping the Brooklyn Nets to relocate from New Jersey to his hometown borough this season, Jay-Z announced Friday that he will be selling his stake in the pro basketball team. Earlier this month, the rapper and entrepreneur launched Roc Nation Sports, a joint-venture sports management agency with Creative Arts Agency. National Basketball Association rules stipulate that agents can't both represent professional athletes and have a stake in a team. For Jay-Z to move forward as an agent, he had to relinquish control of the sports franchise. Jay-Z, whose real name is Shawn Carter, explained his departure in the following statement:
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Jay-Z is selling his stake in the Brooklyn Nets
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Earlier this month, he launched a sports management agency
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"I will always be a Brooklyn Net," he said in a statement
The statement continued: "The Nets have made their mark on the @placeholder and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports.