Jay-Z is no longer an owner of the Brooklyn Nets. The entrepreneurial emcee revealed this information in a letter, explaining his departure and future plans.
According to Jay-Z, his time as a minority owner of the team was important. As he explained in a letter on his own Life+Times site, he will be “a Brooklyn Net forever.”
“Being a member of the Nets organization surpassed some of my greatest ambitions,” Jay wrote. “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.”
Jay-Z went on to explain how this move will impact future plans for Roc Nation Sports. He also explained how this transition “was a tough decision.”
“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,” he noted. “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.”
This news confirms some of the reports circulating about Jay-Z dropping his ownership stake with the Brooklyn Nets. The emcee rhymed about said rumors in his “Open Letter” leak, a song that also discussed his recent trip to Cuba. Jay-Z still reportedly owns one-fifth of one percent of the billion-dollar arena the Brooklyn Nets play in, the recently built Barclays Center.