Jay Z is reportedly selling his small ownership share in the Brooklyn Nets to the team’s new head coach Jason Kidd.
The rap music mogul and entrepreneur is going into the sports agency business, and NBA conflict of interest rules prohibit agents from holding an ownership interest in any team. Nothing prevents a coach from being a part owner, however, although the transaction is subject to the approval of the NBA.
Kidd is reportedly paying $500,000 for Jay Z’s ownership piece, which is apparently equal to just one-sixth of one percent of the team. Russian billionaire Mikhail Prokhorov owns 80 percent. NBC Sports reports that Kidd is actually only buying half of Jay Z’s stake; another minority owner picked up the other half.
There has as yet been no official confirmation of ex-point guard Jason Kidd becoming a minority owner of the Nets, but a source told the New York Post that “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”
Ironically, Kidd encouraged Jay Z to buy into the Nets back in 2003 when the basketball franchise were still based in New Jersey. The Bleacher Report notes that “Jay Z played a key role in the rebranding of the franchise as it made the transition from New Jersey to Brooklyn and overhauled its look… he also helped the team appeal to players as it was attempting to develop into a title contender.”
Jason Kidd was named Nets head coach in June shortly after he retired as a player after 19 NBA seasons although he had no formal coaching experience per se. A co-Rookie of the Year and 10 time All Star, JKidd is second all-time in assists and steals behind John Stockton, won an NBA championship with the Dallas Mavericks, and earned two Olympic gold medals with Team USA. He played with the Mavs (twice), Phoenix Suns, the-then New Jersey Nets, and the Knicks. While the captain of the Nets, he led to the team to two NBA Finals appearances.
NBC Sports also observes that the Jay Z to Jason stock sale means that Kidd can look forward to helping pay the Nets’ “massive tax bill” when it comes due.
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