Jay-Z sells Nets shares to become a basketball agent
When Jay-Z sells his shares in the Brooklyn Nets, he'll finally be able to expand into his new business venture to become a basketball agent. The husband of Beyonce is looking to get certification as an agent from the National Basketball Players Association, but the only way he can do that is by selling his less than 1 percent stake in the Nets.
Yahoo Sports is reporting that Jay-Z's plan is to extend his Roc Nations Sports representation business, which currently only focuses on baseball, into basketball. Roc recently partnered with CAA to launch the business, and even landed New York Yankees star Robinson Cano. The plan is to have the process of selling the Nets shares done so Jay-Z can be involved in the June NBA draft, however sources tell Yahoo that the timing isn't guaranteed.
"[Jay-Z isn't] chasing a clock on this," the source says. "This isn't about one draft, but taking the long view of the business."
Jay-Z will reportedly let Roc's basketball agents handle day-to-day business and contract negotiations, but his involvement in the agency is expected to bolster is presence and attract big names.