Close
BRAND NEW ON E!
  • News/ 

    Jay-Z Gives Up Ownership of Brooklyn Nets to Focus on Roc Nation Sports Agency

    Jay-Z Neilson Barnard/Getty Images

    It's time for a game change for Jay-Z.

    The rapper-mogul has announced that he is dropping his minority stake in the Brooklyn Nets in order to focus on building his newly formed sports agency, Roc Nation Sports, as he makes a play to represent today's best and brightest athletes.

    On Thursday, Beyoncé's husband posted a statement on his website, as he vowed to remain a "Brooklyn Net forever" despite relinquishing his ownership of the team.

    NEWS: Jay-Z Gets in the sports-agent game with signing of Yankees' Robinson Cano

    "Being a member of the Nets organization surpassed some of my greatest ambitions," he wrote. "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."

    Hova then went on to provide an update on his plans for his ever-expanding Roc Nation empire.

    NEWS: Jay-Z's latest power play? Baseball agent!

    "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," the statement continued. "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."

    His new shindig already seems to be off to a promising start. Earlier this month, Roc Nation Sports announced that it had signed New York Yankees second baseman Robinson Cano.

    Jay-Z himself is assuming a hands-on approach to the biz: Last week, the Major League Baseball Players' Association confirmed to E! News that it had received an application from the music bigwig to become a certified agent.

    GALLERY: Beyoncé and Jay-Z's romance recap

    RELATED VIDEOS:

    FROM AROUND THE WEB
    MORE ON EONLINE
    Videos/

    Guess Who!

    Which star is showing off while sunbathing?