Jay-Z Relinquishes Ownership Of Brooklyn Nets

posted Friday April 19 ,2013 at 09:10AM CDT | 52 comments

Jay-Z Relinquishes Ownership Of Brooklyn Nets

Jay-Z writes a letter to announce that his "job as an owner is over" with the NBA's Brooklyn Nets and he explains how he plans to move forward with Roc Nation Sports.

Jay-Z is no longer an owner of the Brooklyn Nets. The entrepreneurial emcee revealed this information in a letter, explaining his departure and future plans. 

According to Jay-Z, his time as a minority owner of the team was important. As he explained in a letter on his own Life+Times site, he will be "a Brooklyn Net forever." 

"Being a member of the Nets organization surpassed some of my greatest ambitions," Jay wrote. "It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team."

Jay-Z went on to explain how this move will impact future plans for Roc Nation Sports. He also explained how this transition "was a tough decision." 

"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," he noted. "Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. 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."

This news confirms some of the reports circulating about Jay-Z dropping his ownership stake with the Brooklyn Nets. The emcee rhymed about said rumors in his "Open Letter" leak, a song that also discussed his recent trip to Cuba. Jay-Z still reportedly owns one-fifth of one percent of the billion-dollar arena the Brooklyn Nets play in, the recently built Barclays Center

RELATED: Jay-Z Addresses Cuba Criticism & Nets Ownership In "Open Letter"

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Comments 52 Posts

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  • H1tters
    http://www.youtube.com/watch?v=ymEMXcvx39A
  • The Real Carter Tracklist
    1. The Real Carter (Not That Carter) 2. Fiance (feat. Beyonce) 3. Legends (feat. Kayne West, Nas, Dr. Dre, 2Pac, and Notorious B.I.G) 4. Ivy 5. Souls (feat. Mary J Bilge) 6. We Roc this world (feat. J Cole, Rita Ora, Jay Electronica) 7. Fake Hip Hop is dead (feat. Common) 8. Cruel World (feat. Frank Ocean) 9. Long Gone 10. Going Metro (feat. Justin Timberlake and Timbaland) 11. Kings and Princesses (feat. Rihanna) 12. Encore
    • NIGGGA
      LOL @ GOING METRO
  • Anonymous
    50 Cent didn't make $370 million off vitamin water. Good joke for being so early.
  • lilniggas
    you can't see me fall but i will see all of you fall because you know its 25 alive and his living the American Dream ... bitches
  • howrealisthis
    I'm from where the hammer's rung, New's cameras never come You and your man's hung in every verse in your rhyme where the grams is slung, niggas vanish every summer Where the blue vans would come, we throw the work in the can and run Where the plans was to get funds and skate off the set To achieve this goal quicker, sold all my weight wet Faced with immeasurable odds still I get straight bets So I felt some more something and you nothing check I from the other side with other guys don't walk to much And girls in the projects wouldn't fuck us if we talked too much So they ran up Tompkins and sought them dudes to trust I don't know what the fuck they thought, those niggas is foul just like us I'm from where the beef is inevitable, Summertime's unforgetable Boosters in abundance, buy a half-price sweater new Your world was everything, So everything you said you'd do You did it, Couldn't talk about it if you ain't lived it I from where niggas pull your car, and argue all day about Who's the best MC's, Biggie, Jay-Z, and Nas Where the drugs czars evolve, and thugs always are At each other's throats for the love of foreign cars Where cats catch cases, hoping the judge R and R's But most times find themselves locked up behind bars I'm from where they ball and breed rhyme stars I'm from Marcy son, just thought I'd remind y'all
  • loltolowlives
    Uh, uh, listen First the Fat Boys break up, now every day I wake up Somebody got a problem with Hov' What's up you all niggas all fed up 'cause I got a little cheddar and my records moving out the store? Young fucks spitting at me, young rappers getting at me My nigga Big predicted the shit exactly "More money, more problems" - gotta move carefully 'cause faggots hate when you getting money like athletes Yung'uns ice-grilling me, oh - you're not feeling me? Fine; it cost you nothing - pay me no mind Look, I'm on my grind cousin, ain't got time for fronting Sensitive thugs, you all need hugs Damn though mans I'm just trying do me If the record's two mill I'm just trying move three Get a couple of chicks, get 'em to try to do E Hopefully they'll menage before I reach my garage I don't want much, fuck I drove every car Some nice cooked food, some nice clean drawers Bird-ass niggas I don't mean to ruffle you all I know you're waiting in the wing but I'm doing my thing Where's the love?
  • MIO
    Ja Rule Next Album - titled "Fuck Fame" Track list 1.King Of The Nile - Ft Chrisette Michele prod by. Cool & dre ) 2. I'm Back (Produced By. Kanye West) 3. My Brother's Keeper - Ja Rule Ft Rick Ross (produced by. 7) 4. Freedom - Ja Rule ft. The Dream (produced by. Chink Santana) 5. What We Gon' Do (produced by. Street Runners) 6. Prime Time- Ja Rule Ft Jay Z & DMX ( produced by. Irv Gotti ) 7. All Of This - Ja Rule Ft Drake (Produced by. Noah "40") 8. The Rules (Produced By. Just Blaze) 9. Let's Do It (Produced By Swizz Beatz) 10. My Baby Ft Ashanti ( Produced By. 7) 11. Dangerous Minds Ft Asap Rocky ( Produced by. Hit Boy ) 12. The World Ft. Scarface & Nas & Jadakiss(Produced by. Irv ) 13. No Limit ( Produced by Justice L.E.A.G.U.E ) 14. Big Remo Skit 2013 15. On The Run Ft Fat Joe & N.O.R.E ( produced by. 7) 16. F**k Fame (produced by. No I.D) 17. Our Life Feat. Mary J Blige( produced by. 7) 18. Ride With Me (produced by. Irv) 19. My Dreams ft LLoyd ,Black Child , Cadillac Tah, Vita , Charlie Baltimore & Ashanti ( produced by. Malay Get Ready "Fuck Fame" FreeJa!
    • NIGGGA
      DAMN EVERYBODY FUCKIN WITH JA?? I AINT KNOW THAT...THIS SHIT FINNA BE A CLASSIC!!
  • Anonymous
    jayz going broke
  • So Icy Boi - Yung Icy Boi!
    Jay--Z keep loosin. he became broke cause Lil Wayne ethered diz old ass camel nigga. lmao. swag
  • Anonymous
    Jay can't fuck with these numbers. 50Cent had 10% of Vitamin Water which sold for 4.1 billion dollars to Coca-Cola making him over 370 million after taxes back in 2007. women lie, men lie, numbers don't
  • YESSIR
    FAKE ASS NIGGA USED MY NAME AGAIN!!! WAYNE TOLD ME JAY Z WAS SECRETLY HAVING AN AFFAIR WITH KAYNE WEST AND HE EVEN SHOWED ME PICTURES!!
  • Anonymous
    "when you own stocks, you are considered a owner" That's actually part owner. Jay Z had no control over anything other than how the team's image was marketed.
  • NICE
    VERY VERY SMART MOVES this man is making. He allowed his name to be used as a selling tool to get the Nets to Brooklyn. He was basically GIVEN a minority share of the company meaning it was a win win for him. It has allowed him to move into Sports Agency with real legitimacy and therefore a far more lucrative venture for him. On top of everything his connection with The Nets remains through branding and apparel sold at the stadium and other venues. This talk of how much Jay owned or otherwise is the talk of children.
    • Anonymous
      The Nets were always moving, way before Jay sat on the sideline. Developer Bruce Ratner owned the land, was going to move the franchise to Newark, but the Russian came in with fat pockets to buy the team and the Brooklyn land. All Jay did is get starry eyed fanatics like you to buy into the shenanigans. Funny how you don't give Jay credit for moving out the former tenants.
  • dentaldamboy
    Jay-Z is forced to liquidate all of his investments because he isn't making any money from music. So this his how he will sustain his lifestyle until the assets run out.
    • Anonymous
      Did this dumbass say he's not making any money in music... Are you serious?? He just signed a mega deal for his Roc Nation imprint with Universal Music Group. He's about to make bank with the Legends of the Summer tour with JT, he's in the works of making another album, he's still making dough off Watch The Throne, Kanye West, his Roc Nation artists... He's worth half a bill... C'mon man get your facts straight before you write shit
    • Anonymous
      Everything dentaldamboy says is a bunch of lies covered in hate.
  • Anonymous
    He wasn't an owner. Jay was a PR man with some stock in the organization. Nothing more than a quick, harmless money grab.
    • Anonymous
      when you own stocks, you are considered a owner...
    • Anonymous
      they say owner, like he was in charge...he had a very very small percent. Just cause I have 1 share in a company doesn't mean I am the owner
    • Anonymous
      OK are you happy now? God forbid people say Jay Z was an owner of a Basketball team. All ass hurt over this shit.
  • BLACK
    SO WHAT WAS THE POINT OF RANTING ON A [SHITTY] SONG???
    • WHITE
      To get dumbasses like you to talk shit about it? Get a life bro.
    • BLACK
      WHAT ABOUT THE DUMBASS TALKING SHIT ABOUT THE DUMBASS THAT TALKED SHIT ABOUT JAY-Z? DOES HE HAVE A LIFE BRO???
  • Anonymous
    Good thing to give up working with the Russians after they bombed Boston.
    • Anonymous
      chechens bomb russia too, secretary of state.
    • foreal
      dont spread hate. it was 2 or more idiots from russia... not russia itself
  • ETK
    yeah stay out Hov. them Nets bout to get a first round exit courtesy of the Bulls. that's what's happenin
  • jay
    this nigga was "part owner". he didnt own the whole org. I tell ya, press releases are a marketing motherfucker...
    • gun di liro
      Jay doesn't help either by exaggerating his ownership in songs.
    • Anonymous
      what teams you own?
    • gun di liro
      at least I can be honest and say none. instead of telling people he's "parking at his own arena". get off his sack.
    • jay
      @anonymous: the truth hurts, fanboy...stop being a consumer and wake the fuck up.
    • Anonymous
      He was an owner, so he probably did get parking at the arena, and since he was part owner it technically was his arena (partly). Why does everybody have to hate on everybody who found success? People hate on his Roc Nation Sports, Seriously? I'd like to see some of these haters do 1 thing Jay has accomplished.
    • Anonymous
      so i just bought a share in Google. That make me an owner? Can i just roll up to their office and be like I RUN THIS?!?!
  • Anonymous
    HOV owned like .8 percent of the nets. he was more the puppet than the puppet master
    • Anonymous
      even less than that
    • Anonymous
      actually for owning .8 he had disproportionate control over its image, so its more the other way around.
    • John
      ppl please stop the owner bullshit. Yes dude had stake in Net but having 1 tenth of 1% is not owning the Nets....Stop it
    • Anonymous
      more like .07 percent
  • YESSIR
    JAY Z'S WACK!! HIS ROC NATION LABEL IS FAILING AND HE'S SIGNING WACK RAPPERS LIKE J COLE!!! JAY Z'S GOING TO GO BANKRUPT IN 2 YEARS!!
    • B
      I haven't liked Jay as much as I did during the Black Album and earlier, but "wack"? J. Cole "wack"? Bankrupt in 2 years? Come on brother, just last week he and Beyonce became the first music couple to be worth over a BILLION DOLLARS! With that kind of change they should be able to stay afloat for at least 5 years (joking, they're never going broke smart guy).
    • c'mon son
      Why do people keep replying to wack trolls like YESSIR? If people would stop responding to clowns like him, maybe they would stop putting these wack corny troll comments on this forum.
    • YESSIR
      AND YET YOU INSIST ON REPLYING TO ME!! JAY Z IS SECRETLY HAVING AN AFFAIR WITH KAYNE!!! BEYONCE WILL DIVORCE HIM AND RECEIVE ALL HIS MONEY IN A LAWSUIT!!
    • YESSIR
      BY the WAY.. I would suck jay z and kanye's cock in a heartbeat.
    • NOSIR
      YESSIR, EVERYTHING YOU SAY IS BULLSHIT!!