Jay-Z is confirming what media outlets have been speculating about for more than a week: he's dropping his ownership stake in the Brooklyn Nets so that he can expand his Roc Nation Sports agency into the NBA. "My job as an owner is over," Jay writes in a post on his Life + Times website, "but as a fan it has just begun. I'm a Brooklyn Net forever."
Less than a year ago Jay welcomed the Nets to their new home at the Barclays Center in Brooklyn, where he headlined sold-out concerts as part of an eight-night residency. "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," Jay writes.
He explains that "for Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets." The decision was a "tough" one, Jay adds. "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."
He thanks the Nets organization, its players and especially its fans. "You are the lifeblood of any team," he writes.
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