Brooklyn Nets minority owner Shawn "Jay-Z" Carter has begun the process of selling his stake in the team in order to become an NBA agent, according to a Yahoo! report. Jay-Z currently owns .067 percent (1/15th of a percent) stake in the Nets, which is worth approximately $350,000 according to a tweet by ESPN's Darren Rovell.
Jay-Z would need to relinquish his stake in the team in order to become an NBA agent due to a conflict of interest that could give the Nets an unfair advantage. Rovell reports that the league told Jay-Z he had to sell once he announced his desire to become an agent.
Jay-Z's Roc Nation company has partnered with Creative Artists Agency (CAA) to launch a sports representation business known as Roc Nation Sports. The company announced their first major acquisition last week with the signing of Yankees second baseman Robinson Cano.
The sale of Jay-Z's stake in the Nets is expected to be completed in time for Roc Nation to sign players entering the June NBA draft, but there's no guarantee of the timing, sources told Yahoo!
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