Entertainment mogul and rapper Jay-Z
has started the process of divesting his small share of ownership with the Brooklyn Nets to extend his Roc Nation Sports representation business into basketball, sources told Yahoo! Sports.
has started the process of divesting his small share of ownership with the Brooklyn Nets to extend his Roc Nation Sports representation business into basketball, sources told Yahoo! Sports.
Jay-Z – whose real name is Shawn Carter – owns less than 1 percent of the Nets, but has been a central public figure in the franchise’s marketing and move from New Jersey to Brooklyn.
Selling his share of the Nets is a necessary prelude for Jay-Z to obtain his National Basketball Players Association certification as an agent.
Association certification as an agent.
NBA rules mandate that no one individual affiliated with a player representation company can have an ownership stake with an NBA team.
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Jay-Z’s Roc Nation company has partnered with Creative Artists Agency (CAA) to launch a sports representation business that recently secured New York Yankees star Robinson Cano.
representation business that recently secured New York Yankees star Robinson Cano.
The process is expected to be completed in time for Roc Nation to compete for players entering the June NBA draft, but there’s no guarantee of the timing, sources said. Those within Roc Nation and the CAA alliance aren’t “chasing a clock on this,” one source said. “This isn’t about one draft, but taking the long view of the business.”
Rival agents are anxious over the possibilities of Jay-Z on the recruiting trail, believing the lure of his iconic business and cultural standing will have a major impact on attracting top prospects and current league stars.
Read more at http://bossip.com/756321/sell-out-camel-man-hov-has-begun-the-sale-of-his-shares-of-the-brooklyn-nets-in-order-to-represent-nba-players-throught-roc-nation-sports-43081/#LIA32Hg4kr0lYtmC.99
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