According to the NY Post’s Page Six, Jay-Z is selling his minority ownership stake in the Nets to Kidd for roughly $500,000. Jay-Z, who has broken into the world of sports agency, owned 1/15th of a percent of the team. The move was reportedly pushed for by the team’s other owners.
“Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him,” a source reportedly told Page Six.
Interestingly enough, the Post also noted that it was Kidd who helped convince Jay-Z to become involved with the Nets in 2003 when Kidd was a star point guard for the then-New Jersey Nets. Now that Roc Nation is looking to represent professional sports stars like Robinson Cano and Kevin Durant — and even a certain college superstar — the relationship between Jay-Z and Kidd has seemingly come full circle.
UPDATE: According to NetsDaily, Jay-Z is selling half of his shares to Kidd and the other half to one of the Nets’s current minority owners.