Jay Z confirms he’s sold his shares of Brooklyn Nets franchise

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You knew it wouldn’t take too much time for Jay Z’s minority stake of the Brooklyn Nets to be sold. Jay posted an official statement on his Live + Times website:

Via lifeandtimes.com:

Brooklyn’s Finest:

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.

The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our 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. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net.

Make your mark and move on. In other Jay Z news this week, not only were he and wife Beyonce anointed as hip-hop’s first billionaire couple, Hov was also selected as one of Time magazine’s “100 Most Influential People.”

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Jay Z embodies so much of what makes New York,  New York. A kid from a tough neighborhood who grows up in public housing, overcomes lots of bad influences on the street, never lets go of his dream, makes it to the top — and then keeps going, pursuing new outlets for his creativity and ambition. When no one would sign him to a record contract, he created his own label and built a music empire — before going on to design clothing lines, open sports bars and, most recently, represent professional athletes. He’s an artist-entrepreneur who stands at the center of culture and commerce in 21st century America, and his influence stretches across races, religions and regions. He’s never forgotten his roots — “Empire State of Mind” was a love song to our city — and as a co-owner of the NBA Nets, he helped bring a major league sports team back to Brooklyn, not far from his old neighborhood. In nearly everything he’s tried, he’s found success. (He even put a ring on Beyoncé.) And in doing so, he’s proved that the American Dream is alive and well.

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About Stiletto Jill

Sports Culture Analyst Stiletto Jill is from LA, with a background in marketing, PR, and business development. Jill’s resume includes stints at Nike, Sony Pictures Entertainment and Virgin Records.
Jill can be seen weekly on the web show, "The Break Room" and has made guest appearances on ESPN Radio andYahoo Sports Radio. Jill is also a media partner for YardBarker, FoxSports.com and MSN.com