You probably saw this coming. After announcing the formation of Roc Nation Sports Agency, Jay-Z is now reportedly looking to divest his less than 1% share of the Brooklyn Nets.
Selling his share of the Nets is a necessary prelude for Jay-Z to obtain his National Basketball Players Association certification as an agent.
NBA rules mandate that no one individual affiliated with a player representation company can have an ownership stake with an NBA team.
The process is expected to be completed in time for Roc Nation to compete for players entering the June NBA draft, but there’s no guarantee of the timing, sources said. Those within Roc Nation and the CAA alliance aren’t “chasing a clock on this,” one source said. “This isn’t about one draft, but taking the long view of the business.”
Read the rest of the story at Yahoo! Sports.