Tuesday, April 9, 2013

Jay-Z To Sell Ownership In Brooklyn Nets For Roc Nation Sports Agency Launch [feedly]

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Jay-Z To Sell Ownership In Brooklyn Nets For Roc Nation Sports Agency Launch

The last week has been an interesting one for the Jiggaman, to say the least, with the official launch of his Roc Nation sports agency, signing New York Yankees second baseman Robinson Cano and yesterday's announcement of a global partnership with Universal Music Group. This includes a future record release for not only himself, but also Rihanna and J. Cole.

Due to a conflict of interest with the NBA prohibiting any owner from having agent contractual affiliation with an athlete, Jay is giving up his share of the Brooklyn Nets in order to obtain a National Basketball Players Association certification to become an agent.

As the 2013 NBA Draft nears in June, Creative Artists Agency (CAA) and Jay are taking the necessary steps in order to formally launch the brand, focusing on the long-term business in comparison to just one draft.

Many owners are worried about Jay's worldwide celebrity, which may shy away many athletes to bigger markets (i.e. NYC teams). The house that Hov built will soon be no more in the coming months, with Jay leaving court-side to become an day-to-day agent with athletes in global market, entertainment and business.

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