Over the next few months, hip hop mogul Jay-Z is going to sell the tiny share of Brooklyn Nets stock he currently owns so that he can freely transition into his next career: sports agent.
Jay-Z made headlines last week when he signed baseball player Robinson Cano as a client in a partnership agreement with Creative Artists Agency (CAA). Shortly thereafter, the 43-year-old indicated he was interested in acquiring additional athletes – both in football and basketball. In order for him to sign NBA players, though, he has to relinquish his small ownership stake in the Nets.
All in all, Jay-Z’s new gig as a sports agent is a fairly simple one. It basically boils down to CAA letting him use his connections and brand to get close to big time athletes, signing them, and then letting the folks at CAA do all of the actual sports agent work. He will likely get a bigger share of the pie for his troubles than a regular middleman would, but that’s still essentially all he’ll be – a middleman.
According to multiple reports, Jay-Z owns just one-fifteenth of 1 percent of the Nets. That total, while admittedly small, is still a greater stake in an NBA franchise than what most people own. More important than how much ownership stake Jay-Z had in the Nets was his influence – and it’s universally agreed upon that he played a massive role in the rebranding that took place when the franchise moved from New Jersey to Brooklyn. His ability to attach his name to something and make it seem cool is likely what CAA is banking on in this new deal.
“I would say (Jay-Z) had an enormous amount to do with the re-branding of the team,” Nets coach P.J. Carlesimo said on Tuesday night. “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.
"So it would be disappointing (if he left the Nets). I would be disappointed. I like his involvement with our team."
Jay-Z’s share in the Nets is said to be worth less than $400,000.