Jay-Z selling stake in Brooklyn Nets - FOX 35 News Orlando

Jay-Z selling stake in Brooklyn Nets

Posted: Updated:

By BRIAN MAHONEY | AP Basketball Writer

NEW YORK (AP) -- The Brooklyn Nets are losing one of their biggest names as they prepare for the playoffs.

Jay-Z owned just a little piece of the team, but was a large presence when the franchise changed homes and identities this season.

The rap mogul is selling his stake in the Nets so he can become certified as a player agent, possibly before the end of the season. The process is underway, with paperwork already filed, a person with knowledge of the details said Wednesday.

NBA rules prevent anyone from being involved in ownership and player representation.

Yahoo Sports, which first reported Jay-Z's plans, said his Roc Nation company has partnered with Creative Artists Agency (CAA) and hopes to compete for players in this June's NBA draft.

Jay-Z owns less than 1 percent of the Nets, but has had a major impact with the franchise's move to his hometown. He had input and in some cases complete control of everything from the interior of the $1 billion Barclays Center to the design of the team's black-and-white uniforms, which he debuted himself during his run of eight sold-out concerts in September that served as the debut of the arena.

A spokesman for Jay-Z, whose real name is Shawn Carter, did not respond to a message.

Friendly with LeBron James and a number of sports superstars, Jay-Z could quickly make Roc Nation a force in the agency field. The company recently signed New York Yankees All-Star Robinson Cano. The Nets hoped his reputation and friendships would help them three years ago when James led a loaded field of free agents, but the Nets, then playing in Newark, failed to land any of them.

Jay-Z attended only a handful of games this season, but his affiliation with the franchise provided a necessary buzz for its first season in Brooklyn. He sat in his courtside seat next to wife Beyonce in November when the Nets beat the Knicks in their first matchup as New York rivals, providing the trash talk afterward when he tweeted that the city was under new management.

The Nets have clinched their first playoff berth since 2007 and are in position to have home-court advantage in their first-round series.

  • Brooklyn NewsBrooklyn NewsMore>>

  • Smoking rates on the rise in New York City

    Smoking rates on the rise in New York City

    Tuesday, September 16 2014 7:03 AM EDT2014-09-16 11:03:52 GMT
    For the first time in years, more than 1 million New Yorkers are smoking, marking a disturbing rise of tobacco use in the city that pioneered a number of anti-smoking initiatives that were emulated nationally.  Sixteen percent of adult New Yorkers smoked in 2013, up from 14 percent in 2010, which was the city's lowest recorded rate, according to the findings released by New York City's Department of Health.
    For the first time in years, more than 1 million New Yorkers are smoking, marking a disturbing rise of tobacco use in the city that pioneered a number of anti-smoking initiatives that were emulated nationally.  Sixteen percent of adult New Yorkers smoked in 2013, up from 14 percent in 2010, which was the city's lowest recorded rate, according to the findings released by New York City's Department of Health.
  • Report: health risks at some nail salons

    Report: health risks at some nail salons

    Monday, September 15 2014 10:28 PM EDT2014-09-16 02:28:27 GMT
    One of the most surprising findings in a report from the New York City public advocate is that city officials have virtually no authority over how nail salons are run. The city can't enforce standards like they do with restaurants, so it's clearly a case of beauty buyer beware. We get our nails done without thinking too much about it.
    One of the most surprising findings in a report from the New York City public advocate is that city officials have virtually no authority over how nail salons are run. The city can't enforce standards like they do with restaurants, so it's clearly a case of beauty buyer beware. We get our nails done without thinking too much about it.
  • NJ, NY officials meet about security

    NJ, NY officials meet about security

    Monday, September 15 2014 5:50 PM EDT2014-09-15 21:50:11 GMT
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices