Jay-Z to sell stake in NBA's Brooklyn Nets

After helping the Brooklyn Nets to relocate from New Jersey to his hometown borough this season, Jay-Z announced he will be selling his stake in the pro basketball team. Earlier this month, the rapper and entrepreneur launched Roc Nation Sports, a joint-venture sports management agency with Creative Arts Agency.

National Basketball Association rules stipulate that agents can't both represent professional athletes and have a stake in a team. For Jay-Z to move forward as an agent, he had to relinquish control of the sports franchise.

Jay-Z, whose real name is Shawn Carter, explained his departure in the following statement: After Cut

"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."