In a move that both satisfies a contractual obligation and symbolizes the passing of the torch, Jay Z is reportedly selling his share in the Brooklyn Nets to its new head coach, Jason Kidd.
InsideHoops reported that, Mr. Carter sold his .067 percent stake in the team for about $500,000.
Jay Z more than likely did not sell his stake to make a quick half mill but to comply with the NBA stipulation that an owner of an NBA team can not also represent players. Jay Z started his sports agency, Roc Nation and has already signed the second best basketball player in the NBA in Kevin Durant along with New York Yankees All Star second baseman Robinson Cano.
Jason Kidd also spent seven accomplished years with the New Jersey Nets from 2001 to 200, reaching the NBA Finals in 2002 and 2003.