Jay Z To Sell Barclays Center Stake
Jay Z is set to sell his stake in Brooklyn, New York's Barclays Center for $1.5 million.
Jay Z is set to sell his share in Barclays Center soon, according to various reports.
Jay Z helped in efforts to make the New Jersey Nets become the Brooklyn Nets. After helping that move, Jay Z began a new endeavor with Roc Nation Sports, an agency that has signed several athletes including Robinson Cano, Kevin Durant and Victor Cruz. This may be one reason that Jay Z has relinquished his ownership in the team, as NBA rules do not allow players and-or agents to own part of a team.
Jay Z recently sold the remaining part his stake in the Brooklyn Nets organization (one-fifteenth of one percent) to the team's new head coach, Jason Kidd.
Jay Z is said to own a little less than one-fifth of one percent of Barclays. The stake is valued at $1.5 million, according to Huffington Post.
Jay Z has discussed his stake in Barclays and the Nets.
"It doesn't matter what percentage [I own]," he said during a recent performance at Barclays, according to Huffington Post. "The story is that a Black kid from a single-parent house made it from [Marcy Projects] about six minutes away from here. So the fact that I have any ownership in this franchise is fucking amazing. The fact that I have any ownership in this venue is fucking amazing. Don't let them diminish your accomplishment or dim your shine. It's fucking amazing."
Jay Z has also explained his decision to move forward with Roc Nation Sports, as reported by MTV.
"It was never about an investment; it was about the Nets and Brooklyn," Jay Z said in April. "My job as an owner is over but as a fan it has just begun. I'm a Brooklyn Net forever. 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."