Tags: jay-z | sell | nets | nba

Jay-Z Sells Nets: Giving Up 1% Stake in NBA Team to Become Sports Agent

Image: Jay-Z Sells Nets: Giving Up 1% Stake in NBA Team to Become Sports Agent Jay-Z, left, a part-owner of the Brooklyn Nets, smiles as he watches the Nets play the Golden State Warriors in an NBA basketball game in New York, Dec. 7, 2012.

Wednesday, 10 Apr 2013 07:53 AM

By Newsmax Wires

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Rapper Jay-Z is planning on selling his small stake in the Brooklyn Nets for the sake of becoming a free agent, Bloomberg reported.

Jay-Z, whose real name is Shawn Carter, owns less than 1 percent of the National Basketball Association team, the report said.

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Selling his stake is necessary for Jay-Z to get certification as an agent from the National Basketball Players Association, Yahoo said.

New York Yankees All-Star second baseman Robinson Cano this month fired agent Scott Boras to become the first athlete represented by Jay-Z’s Roc Nation Sports and Creative Artists Agency. Cano will be a free agent after this Major League Baseball season.

"At this point in my career, I am ready to take a more active role in my endeavors both on and off the field," Cano said in a statement. "I am confident that the pairing of Roc Nation Sports and CAA Sports will be essential in helping me accomplish my short- and long-term goals. I am making this important decision now so I can keep my focus on helping the Yankees succeed in 2013, while minimizing any distractions for me and my teammates."

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Cano will be represented on the field by a team of agents led by CAA Sports' Brodie Van Wagenen. Since Opening Day 2011, CAA Sports’ baseball group has negotiated more than $1.1 billion in Major League contracts, including eight contracts with a guaranteed value of $50 million or more, of which four exceeds $100 million, more than any other agency.

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