“Being a member of the Nets organization surpassed some of my greatest ambitions,” said Jay-Z in an open letter. “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.” Well folks, there you have it. It’s official, Jay-Z is no longer a share holder in the Brooklyn Nets. The rapper continued, “Our [Roc Nation Sports] newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets.”

Stay tuned for more information regarding Jay-Z and Roc Nation Sports.

Update (September 5, 2013): News have come out that Jay Z’s stake in the Brooklyn Nets has been sold to American former professional basketball player and the current head coach of the Brooklyn Nets Jason Kidd.

What To Read Next