Beyonce's Husband Jay Z to Sell His Share of NBA Brooklyn Nets Ownership Stock; Rapper Looking to Become Agent

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First Posted: Apr 10, 2013 11:59 AM EDT

Jay Z is looking to get out of the ownership world and into the business where he can represent-NBA players, that is.

The multi-time Grammy Award winning rapper and part-owner of the Brooklyn Nets is planning to sell his share of stock in the basketball franchise, according to Yahoo! Sports, and has started the process of divesting his small share of the Nets.

The reason? The hip-hop mogul is planning to branch his representation business, Roc Nation Sports, into basketball. But in order to do that, Jay Z, whose real name is Shawn Carter, must first sell his share of Nets stock, as per NBA rules.

Jay-Z's stock in the Brooklyn franchise, which is in its inaugural season in Brooklyn since moving to New Jersey, is about one-fifteenth of one percent, or $1 million, as Deadspin.com reports.

The recently launched Roc Nation Sports, which partnered with Creative Artists Agency, is geared thus far to represent baseball and football players. So far, their clients include New York Giants wide receiver Victor Cruz and New York Yankees star Robinson Cano.

With the NBA Draft coming up in June, it is likely that Jay-Z is anxious to get rid of his share in Nets ownership as soon as possible. Sources told Yahoo! Sports that the ownership-selling process is expected to be completed before then, but there is no guarantee of a time frame.

Jay-Z became a mainstay and a public face for the franchise this season, having a big hand in remodeling the image of the franchise that included changing the team's colors and designing their uniforms, as the New York Daily News reports. He also was part of the franchise's efforts to lure high-profile stars such as Carmelo Anthony and LeBron James to the team.

In partnering with CAA-which already represents Anthony, Dwayne Wade, Chris Paul, Tony Parker and Chris Bosh-Jay-Z's new venture could prove to be serious competition for other NBA agents in the scramble for big name representation among the NBA's elite.

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