As you already know, Jay-Z is exiting his throne as Nets co-owner to get some athlete money, thus he has to sell his shares of his hometown team.
Via Entertainment Weekly/LifeAndTimes
Remember when Jay-Z was just a guy who rapped about money and women, and his only business ventures were the stillborn careers of Amil and Freeway? Now he’s a major mogul letting the world know how he plans on making his next few millions.
In an open letter posted on his website, the man born Shawn Carter announced that he is officially selling off his tiny ownership stake in the NBA’s Brooklyn Nets in order to fully (and legally) ensconce himself as a sports agent overseeing the newly-minted Roc Nation Sports. NBA rules prohibit team owners from carrying agent licenses, which is why Jigga had to cash out on his stake (which amounted to roughly one fiftieth of one percent).