Haute 100 New York Update: Jay-Z to Sell His Stake in Brooklyn Nets

Jay-Z is no longer going to be an owner of the Brooklyn Nets. The 43-year-old rapper and entrepreneur recently launched Roc Nation Sports, a sports magangment agency with Creative Arts Agency. According to NBA rules, agents are not allowed to simultaneously represent professional athletes and have a stake in a team. For Jay-Z to move forward as an agent, he had to relinquish control of the sports franchise.

“Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn,” Jay-Z said in a statement. “My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.”