Jay Z selling Nets stake to Jason Kidd

September 4, 2013

Jay Z is moving on from the Nets. (Lucas Jackson / Reuters)

It isn’t much, but it’s the principle of the thing.

Brooklyn Nets Coach Jason Kidd is about to become an owner of the team, purchasing half of Jay Z’s stake in it and the Barclays Center for $500,000. The other half of Jay Z’s shares, which amount to less than one percent of the team’s value, were purchased by a minority owner. The deal, first reported by the New York Post, still must be approved by the league. Mikhail Prokhorov remains the majority owner with an 80 percent stake.

Jay Z, who initially bought into the Nets at Kidd’s suggestion at a 2003 party, is selling in order to focus on his Roc Nation Sports agency.

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

This should be interesting should, you know, the coach need to be fired.

Follow @CindyBoren on Twitter and on Facebook.

After spending most of her career in traditional print sports journalism, Cindy began blogging and tweeting, first as NFL/Redskins editor, and, since August 2010, at The Early Lead. She also is the social media editor for Sports.
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