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Jay-Z Giving Up Brooklyn Nets Ownership to Become NBA Agent

The hip hop mogul will sell his shares of the team in time for NBA draft
 / 
James Devaney

Last week, we told you about the formation of Roc Nation Sports, Jay-Z's new sports agency that announced New York Yankees second baseman Robinson Cano as its first client. Because Cano was a baseball player, Jigga's partial ownership (less than 1 percent) of basketball team Brooklyn Nets wouldn't be a conflict of interest, but he would most likely not be allowed to go after basketball players due to his owner status.

According to Yahoo! Sports, Jay's made his decision in the owner/agent battle, choosing to divest his ownership of the Nets in order to sign NBA players to Roc Nation Sports. No timetable has been set on when Jay will fully divest his shares and give up ownership, but Yahoo! reports that the process should be finished in time for Roc Nation to compete in the upcoming NBA draft this June.

Lest you think Jay will be working out the intricacies of sports agency himself, reports indicate that the company's basketball agents will handle all the contract negotiations and day-to-day business with athletes.

Yet few other agencies can approach LeBron James or Carmelo Anthony with the clout and reputation Jay-Z has should they wish to branch out further into other fields. Translation to other agencies: Good luck getting your athlete clients that hip hop deal they asked for.

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