Posted by Adam

Wednesday September 4, 2013

RAPPER Jay-Z is selling his minority ownership in the Brooklyn Nets.

The 99 Problems hitmaker — who’s married to Beyonce — will sell his 067 percent (1/15th of a percent) stake in the team to coach Jason Kidd. It’s believed Kidd will pay around $500k.

Jay was forced to sell his Nets shares over a conflict of interest after he started a sports agency, Roc Nation, signing clients including Yankee Robinson Cano and Oklahoma City star Kevin Durant.

“Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him,” a source told New York Post gossip column Page Six.

Jay was introduced to the team in 2003 by Drew Katz, the son of one of the Nets’ principal owners, after Kidd, then the Nets’ marquee point guard, suggested the music mogul buy the team.

Jay helped design the team logos and choose the Nets’ stark black-and-white color scheme, and personally appealed to National Basketball Association officials to drop their objections to it.

Russian billionaire Mikhail Prokhorov bought 80 percent ownership of the team in 2009 and appeared on billboards with Jay.

Tags: jay-z