Jay Z has to sell stake in Barclays Center as well

In addition to selling his shares of the Nets, Jay Z must also sell his share of the Barclays Center itself. AP Photo.

In addition to selling his shares of the Nets, Jay Z must also sell his share of the Barclays Center itself. AP Photo.

Jay Z, also known as Shawn Carter, was forced to share his stake in the Brooklyn Nets in order to become a sports agent, but apparently he has to sell his share in the Barclays Center as well as it is also seen as a conflict of interest, according to Mike Ozanian of Forbes.

Jay Z owns less than 1/5th of one percent of the Barclays Center which Forbes estimates to be worth $1.5 million. He recently sold his 1/6 of one percent share of the team to Jason Kidd and another of the team’s minority owners for $500,000 each. So by completely separating himself from the team, HOVA stands to make as much as $2.5 million from his share of the team and arena.

This should not be seen as Jay Z abandoning the team. His goal was to help to bring the Nets to Brooklyn and he has succeeded in that. Now he feels he must move on to bigger things which, in his eyes, means representing athletes and entertainers that he feels are being short changed by their current agents who often do little after their clients sign large deals. He explained that there are too many old, broke athletes that were formerly rich and their agents did nothing to help them manage their money or plan for the future.

“It was never about an investment; it was about the Nets and Brooklyn. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever,” he said in a statement issued in April. “The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports.”

Jay Z represents Robinson Cano of the Yankees and Victor Cruz of the Giants, among other athletes. According to reports, will represent Kevin Durant of the Thunder as soon as he is cleared to.


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