New Brooklyn Nets Head Coach Jason Kidd is purchasing Jay-Z’s ownership stake in the Nets for approximately $500,000.
“Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him,” according to a source.
Jay-Z was forced to sell his ownership interest in the Nets since he became a sports agent. NBA owners can not have a conflict of interest. He currently represents Kevin Durant of the Oklahoma City Thunder. Russian billionaire Mikhail Prokhorov will still remain the majority owner, as he owns about 80% of the Nets. It’s been said by NBA officials that, unlike Jay-Z, the coach owning minority shares in the team would not be seen as a conflict of interest.