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Jay-Z Gives Up Ownership Stake in Brooklyn Nets

Jason Kempin, Getty Images

It’s official. After bringing the Nets to Brooklyn, Jay-Z has announced that he’s relinquished his ownership stake in the Brooklyn Nets.

In an open letter (no pun intended), through his website Life + Times, the influential mogul confirmed that he has sold his one percent stake but will have courtside seats forever.

The letter reads:

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.”

By selling his stake, Jay-Z is in a position to be an agent for prospective basketball players for his sports management company Roc Nation Sports. So far, New York Giants receiver Victor Cruz and New York Yankees baseball player Robinson Cano are among the company’s clients. Hov also just submitted his application to become a certified baseball agent.

We want to wish Jay-Z the best on his new career as a sports agent.

Next: See Jay-Z on the Cover of Time's 100 Influential People of the World Issue

Listen to Jay-Z’s ‘Open Letter’

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