After lashing out at his critics in "Open Letter," Jay-Z took a more polite tone on his Life + Times site recently where he explained that he was selling his share in the team to start up Roc Nation Sports, which "is committed to building the brands of professional athletes as we have done for some of today’s top music artists." It basically means that Hov is going to become a sports agent and, per NBA rules, he can't do that and also have an ownership stake in any teams. But don't worry, he should still be a fixture courtside. Jay-Z stated in his post that "My job as an owner is over but as a fan it has just begun."
Roc Nation Sports first client is New York Yankees second baseman Robinson Cano. Check out the full text of Jay-Z's post 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.