- (Photo: Reuters/Lucy Nicholson)
Famed entertainment mogul Jay-Z is reportedly set to sell his stake in the Brooklyn Nets, the NBA team that he holds a small financial stake in.
The reason Jay-Z is set to offload his shares is due to his desire of entering the sports representation arena and grow his newly formed sports agency.
Jay-Z, whose real name is Shawn Carter, used his Roc Nation company to partner with Creative Artist Agency and the two entities formed Roc Nation Sports.
Longtime New York Yankee Robinson Cano recently changed his sports representation with the Major League Baseball Players Association from notable sports agent Scott Boras to CAA Sports' agent Brodie Van Wagenen.
''CAA is built on a culture of collaboration and this relationship is no different,'' Van Wagenen said in a statement. ''Jay and I will both be involved in all aspects of Robinson's representation on and off the field.''
Cano is in the final year of a 6-year $52 million contract and will be able to become a free agent at the end of the season.
''At this point in my career, I am ready to take a more active role in my endeavors both on and off the field,'' Cano said in a statement.
Jay-Z needed to sell his stake in the NBA team in order to obtain his National Basketball Players Association certification as an agent.
Jay-Z reportedly owns just one-fifteenth of 1 percent of the Nets, but has been instrumental in orchestrating the teams move from Brooklyn as well as rebranding a team that had languished at the bottom of the league in both performance and perception for years.
"I was not close to it at all, but from what I heard and what I read and saw, he was huge- it would be hard to overstate how important he was to the rebranding," Nets coach P.J. Carlesimo said before Tuesday's game against the 76ers.
"So it would be disappointing (if he left the Nets). I would be disappointed. I like his involvement with our team," he added.