Jay Z is making business deals this week. In addition to the deal Jay closed this week to bring his Roc Nation company back under a corporate fold with Universal Music Group (UMG) after spending time at Sony. The entertainment-mogul-and-occasional rapper is also quietly making arrangements to sell his 1% of the Brooklyn Nets in order to get fully on-board with the agent end of the business for Roc Nation Sports.
NBA rules dictate that an individual affiliated with a player representation company can’t have an ownership stake with an NBA team. The move makes it so that Jay Z can compete for players entering this year’s NBA draft in June. Agents are reportedly thinking that signing with Jay and Roc Nation Sports is a joke, but the key to this is that Hov won’t be involved in the day-to-day operations side of the business. That will be CAA’s input. Jay Z’s involvement will focus on marketing and entertainment. And as we’ve come to learn, most athletes are anxious to brand themselves off the court also. And nothing says I’m rolling with the cool kids than being able to throw up the ROC hand signal and know Jay-Z will flash it back.
Already on board with Roc Nation Sports are Yankees Robinson Cano and Giants free agent Victor Cruz.
“I’m not a business man, I’m a BUSINESS, Man” – Diamonds remix Jay Z
Overdone but still relevant.
Jay and his wife, superstar Beyoncé took a trip to Cuba last week to celebrate their wedding anniversary.