Jay Z To Sell His Nets Stake to Jason Kidd
Page 6 reports that Jay Z is selling his minority ownership in the Brookyn Nets to their coach Jason Kidd.
Kidd is set to take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000. The move comes following Jay’s recent launch of his Roc Nation Sports earlier in April, the NBA not allowing to be a sport agent and owner at the same time.
Jay was introduced to the team in 2003 by Drew Katz, the son of one of the Nets’ principal owners, after Kidd, then the Nets’ marquee point guard, suggested the music mogul buy the team.