Jay-Z Says Goodbye to Brooklyn Nets Ownership, Shifts Focus to Roc Nation Sports

As one of the integral persons who helped usher the Nets to Brooklyn, Jay-Z is now handing over his ownership of the NBA team to focus on the his new venture as sports agent through Roc Nation Sports. The newly-minted sports agency has already signed New York Yankees second baseman Robinson Cano, but Jay’s relinquishing of Nets ownership and his new company’s growth doesn’t hinder the fact that he’s still a Nets fan. “My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever,” he posted on his website LifeAndTimes.com yesterday (April 18).

Read his full letter below:

“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. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.

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. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net.”

In his controversial song “Open Letter” released earlier this month, the mogul confirmed he would switch things up with his sports management ventures. “I would have brought the Nets to Brooklyn for free, except I made millions off of you [expletive] dweebs. / “I still own the building, I’m still keeping my seats. If you buy that [expletive], you better keep your receipts,” he rapped.

Creative Artists Agency (CAA) will partner with Roc Nation Sports for the endeavor.