Jay-Z relinquishes stake in Brooklyn Nets

Jay-Z might have been instrumental in bringing the Nets to Brooklyn and christening the team’s home arena, Barclays Center, but the hip-hop mogul has sold his stake in the NBA team.

“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,” he announced in a letter posted on Life+Times website on Thursday.

The rapper was forced to sell his share in the team in order to pursue his recently announced Roc Nation Sports, which snagged New York Yankees star Robinson Cano as its first signee. Jay-Z is reportedly becoming certified as an NBA agent.

“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,” he continued.

“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.”

The rapper owned a very small piece of the NBA team (less than 1%) but was seen as the face of the team thanks to his celebrity and promotion of the team.

Jay-Z has continued to make headlines for the past few weeks for a handful of power moves. He was just named one of Time magazine’s most influential people of the year and bestowed the title of pop music’s first billionaire couple (with superstar wife Beyoncé).

His entertainment company, Roc Nation, also recently inked a multiyear, worldwide partnership with Universal Music Group. The venture will allow the Roc Nation music label to operate as a stand-alone within the UMG family -- the largest music company -- effective immediately.

As part of the agreement, forthcoming albums from Jay-Z, Rihanna and others will be released through UMG worldwide, according to the announcement.

While he’s parting ways with the team, his fandom remains. Jay-Z vowed to “always be a Brooklyn Net.”

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