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Jay Z Sells Stake In Basketball Team, Expanding Roc Nation!

PopWrapped | PopWrapped Author


04/13/2013 2:22 am
Jay Z Sells Stake In Basketball Team, Expanding Roc Nation!

Tarra Matthews

Managing Editor

When a team can call an entrepreneurial juggernaut like Jay-Z as part owner, it must really hurt when they sell their share to follow their own ambitions.

That’s exactly the Brooklyn Nets are dealing with, even if Jay-Z stake was less than 1%, it is all about the notoriety! Jay-Z decision to sell came because he plans to expand his Roc Sports Nation, the branch of his empire that currently only represents baseball stars, including Yankees star Robinson Cano. But the problem was, no owner can represent players simultaneously, ergo, something had to give.

If all goes to plan, Jay-z will have his shares in the Nets sold in time for the NBA draft in June. This means his group of CAA sports agents will be free to attract the (hopefully) big names and negotiate new contracts. The CAA agents will handle the day-to-day operations while Jay-Z will harness his global celebrity to get his players worldwide exposure and marketing opportunities.

But a source close to the Roc Nation/Jay-Z camp has come out saying that the basketball division doesn’t see the June draft as the be-all, end-all, “this isn’t about one draft, but taking the long view of the business.” Jay-z is one savvy business man who knows the value of taking time to see things are done properly so I’m sure he has plans for his plan’s plans to make sure this venture is successful.

The day after the news of the sale were released, Jay-Z dropped the track “Open Letter” that addresses both the Brooklyn Nets and his recent trip to Cuba. Take a listen:

So what do you make of this whole situation? Do you think Roc Nation Sports has what it takes to be a credible sports agency?

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