Jay-Z On Dumping BK Nets Ownership: ‘It Was Never About Investment’

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(Photo Credit: Nathaniel S. Butler/Getty Images)

(Photo Credit: Nathaniel S. Butler/Getty Images)

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Jay-Z released a statement Friday (April 19) detailing his departure from the Brooklyn Nets as co-owner, in favor of developing his own sports management brand, Roc Nation Sports.

He explained in the post that NBA rules require him to give up his involvement with the team in order to represent other basketball players and “for Roc Nation Sports to function at its full potential.”

“Being a member of the Nets organization surpassed some of my greatest ambitions,” he wrote on his Life And Times. “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.”

The new Roc Nation endeavor is a collaboration with CAA Sports, part of the Creative Arts Agency (CAA). Jay’s statement revealed the details on Roc Nation Sports, which has already nabbed Yankees second baseman Robinson Cano.

“Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists,” he wrote. “It was a tough decision but as I stated earlier, it’s not about ownership.”

He added “thank yous” to Nets colleagues and fans, who surely have only seen the start of his work in the sports arena.

His finesse for business is paying off, after making TIME magazine’s “100 Influential People” list. New York City Mayor Michael Bloomberg wrote an essay for the magazine in his honor, lauding the mogul for his commitment to repping his home city, including his involvement with the Nets.

With Roc Nation Sports headed for the next level, Jigga’s certainly ramping up for a big year ahead. The rapper is also set to embark on a summer tour with Justin Timberlake, will put on his second-annual Made in America festival in August and is producing the upcoming Great Gatsby soundtrack.

- Nee-Sa Lossing,

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