Jay-Z has been forced to sell his stake in basketball team the Brooklyn Nets following the launch of his new company, Roc Nation Sports. National Basketball Association rules prohibit the rapper from owning both a sports person management agency and a stake in a basketball team.
In a post on his Life+Times blog, Jay-Z said: “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. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net”.