Jay-Z recently spoke about his departure from the Nets and his transition to being an agent on his Life + Times YouTube channel for an episode that was published on Wednesday. He explained that his job of getting the Nets to Brooklyn was over and how there were more important roles that he could play with his influence.
“I think my job was done as far as the Nets,” Jay-Z said. “They got to Brooklyn. I played my part in that, even the whole look and design and the attitude of the Brooklyn Nets. If you look at the statistics most athletes go broke in three or four years.”
“At least just our presence to get all those agents off their ass and let them get up and get to work because those guys were just signing contracts and going home saying, ’10 year contracts, I’m getting paid every year I don’t have to do anything,’” he said. “It was a travesty. They’re just watching guys go broke after four years and these guys don’t even care about their well being. This is egregious. It’s a terrible thing going on and no one is saying anything.”
He continued on to explain that he saw a real injustice between the athlete-agent relationship that he felt needed to be addressed.
“It’s fine? It’s fine that guys are signing you to contracts and y’all are going broke? They’re signing $80, $90, $100 million contracts and you are going broke? That’s just terrible management. I’m not letting these guys getting taken advantage of and I know it’s going on and I’m not going to say anything or help them. I have this influence, what am I going to do with it? I have to use it.”
Jay-Z owned a very small, less than one percent, share of the Nets. He is in the process of selling that share though to avoid a conflict of interest as an agent. He still owns a tiny share in the Barclays Center itself though and is a member of the arena’s board of directors.
Jay-Z made a big splash earlier this year when Yankees star second baseman Robinson Cano left Scott Boras, typically considered the most powerful agent in the MLB, for Hova less than a year before he will hit the market as a free agent. Jay-Z even bragged about it on his recent album with the line, “Scott Boras you ova baby. Robinson Cano you comin’ with me.”
Here’s the entire interview conducted by Elliott Wilson. The part about the Nets starts at about 3:55: