Jay-Z Reportedly Will Sell Nets Share In Order To Represent NBA Players
Nets investor Jay-Z has “started the process of divesting his small share of ownership” of the team to “extend his Roc Nation Sports representation business into basketball,” according to sources cited by Adrian Wojnarowski of YAHOO SPORTS. Jay-Z owns less than 1% 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 NBPA agent certification. Sources said that 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.” A source said that those “within Roc Nation and the CAA alliance aren't ‘chasing a clock on this.’” Sources added that CAA and Jay-Z are “taking time to carefully formalize the arrangement on the basketball end, and are sensitive to making sure he exits the Nets partnership in a way that is respectful to the organization” (SPORTS.YAHOO.com, 4/9). In N.Y., Stefan Bondy writes Jay-Z has been “a mainstay in the Barclays Center this season, and was the first to model the team's new uniform during a concert in September.” His CAA partnership “will not force him to sell his small share” of the Barclays Center (N.Y. DAILY NEWS, 4/10).
THE RAINMAKER: CBSSPORTS.com’s Royce Young wrote the question is “really what CAA's involvement is here.” CAA is “one of the biggest agencies in the world," representing Clippers G Chris Paul, Knicks F Carmelo Anthony, Heat G Dwyane Wade, Spurs G Tony Parker and Heat F Chris Bosh, among others. Young: “Will Jay-Z's Roc Nation Sports inherit those clients, or will he basically serve as a recruiter for future players?” That was "essentially Jay-Z's role with the Nets anyway.” He “sits courtside and makes the franchise way cooler.” Either way, it has to “send a chill down the spine of rival agents.” Jay-Z has “massive influence and his name and brand will be a draw to players everywhere” (CBSSPORTS.com, 4/9). SI.com’s Ben Golliver wrote there “aren’t many magnets for young talent" quite like Jay-Z, whose “popularity is enormous and whose brand is so closely associated with financial success” (SI.com, 4/9).