Jay-Z and the Brooklyn Nets are over as Jay’s made it official he’s out of team ownership business. As has been rumored over the past two weeks, Jay’s giving up his less than one percent stake in the franchise in order to move forward in the player agency arena with Roc Nation Sports.
Although he’d all but confirmed it in “Open Letter,” Jay-Z took the more formal route on Thursday by addressed the situation using his Life+Times site.
“Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.
“The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net.”
Of course, Jay-Z had to relinquish his Nets share in order to get involved with representing athletes through his agency. The move comes on the heels of yesterdays news that the now former owner was named in TIME’s most influential list for 2013. For the Nets, the moves comes right before the team takes on the Bulls in the first round of playoffs.
Current reports point towards Reddit co-founder Alexis Ohanian as being interested in purchasing Jay’s former share.