The business of Jay Z continues to grow, but as the rapping mogul makes his way into the sports world, he’ll have to give up a bit more — namely his ownership stake in Brooklyn’s Barclays Center.
Hov already sold his minority stake of the Brooklyn Nets to the team’s coach, Jason Kidd, for $500,000, and now he has to pawn off his estimated $1.5 million piece of the building the Nets play in, according to Forbes.com.
Back in April it was announced that Jay created Roc Nation Sports , his new sports agency which now boasts some A-list clientele including New York Yankees all-star Robinson Cano, NFL Super Bowl champion Victor Cruz, NBA superstar Kevin Durant and WNBA rookie Skylar Diggins. In order to rep NBA players, Jigga had to give up his ownership shares with the Nets and now in the Barclays Center as well.
More than just an owner in name, Jay became an ambassador for the team as they made their move from New Jersey to Brooklyn in 2012 and opened the newly built stadium with a string of eight sold-out concerts. Even though he has no stake in the team, don’t expect the Magna Carta MC to start rooting for another team. He will continue to perform at the Barclays with two scheduled January Magna Carter Tour dates landing him on Flatbush and Atlantic Avenues.
“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,” he said in a statement issued in April. “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.”