Jay-Z recently relinquished his ownership in NBA team Brooklyn Nets so he can focus on launching the sports agent division of his company Roc Nation.
In a letter posted on his website Life+Times, Jay-Z shed more light on his depature from the rising NBA team and his future in sports.
This is what Jay-Z said:
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.
Jay-Z still has ownership stakes in the Barclays Center in Brooklyn.
The Roc Nation head has already signed New York Yankees player Robinson Cano
The rap mogul and his wife Beyonce caught some fire earlier this month after a trip to Cuba that was approved by the United States government.
Jay-Z has also address that issue in a new single titled “Open Letter.”