Lifestyle & Belief

Jay-Z to sell his shares in Brooklyn Nets


Jay-Z attends the game between the Brooklyn Nets and the Atlanta Hawks at Barclays Center on January 18, 2013.


Al Bello

Rapper turned business mogul Jay-Z said Monday that he was sellling his stake in the Brooklyn Nets.

Jay-Z, who owns a 0.15 percent stake in the pro basketball team, was instrumental in bringing them to Brooklyn from New Jersey.

But the rapper must part ways after he launched Roc Nation Sports, a sports management agency.

National Basketball Association rules forbid having a stake in the team while representing athletes at the same time.

He talked about his decision on last weeek:

"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 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."

RocNation Sports' first athlete is Robinson Cano of the New York Yankees.

Jay-Z still owns a small stake in Barclay's stadium that he will keep.