Jay-Z Sells His Brooklyn Nets Stake

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After Jay-Z announced the signing of New York Yankees Robinson Cano to Roc Nation Sports, he’s looking to take the necessary steps to become a sports agent.

Yahoo! reports Hov is in the process of selling his less-than-one perent ownership of the Brooklyn Nets . To become a NBA agent, Hov is required to sell his share, as no one representing an NBA player can have ties with an NBA team.

Jay-Z has worked closely with the Nets since 2003. He has become symbolic with the team, helping design the new Nets logo and getting his own franchises of Rocawear and 40/40 club in the Barclays Center.

The report says that rival agents are “anxious” about Jay-Z becoming an agent. His celebrity status could mean bigger opportunities for top athletes.

[via Yahoo!]

UPDATE: Jay-Z released a statement on Life + Times confirming he sold his stake in the Brooklyn Nets.

Being a member of the Nets organization surpassed some of my greatest ambitions. 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.

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. 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.