Jay-Z Sells His Share in the Brooklyn Nets to Focus on Sports Management

Jay-Z has confirmed that he has sold his ownership stake in the NBA team, explaining that it's against league rules for him to be both an owner and an agent.

"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," Jay-Z explained in an official statement. "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."

According to Yahoo!, Roc Nation Sports will partner with Creative Artists Agency, who will handle contract negotiations and day-to-day operations.