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Jay Z: 'My job as an owner is over'

Jay-Z performs at the "Made In America" music

Jay-Z performs at the "Made In America" music festival in Philadelphia. The rapper says his "Made in America" festival is coming back to Philadelphia. (Sept. 1, 2012) (Credit: AP)

Jay Z is making it official.

The hip hop icon, who owns 1/15th of 1 percent of the Nets, acknowledged he's selling his stake in the team to pursue his venture to become a full-fledged sports agent with his start up agency, Roc Nation Sports.

Jay Z, whose real name is Shawn Carter, wants to start accumulating NBA clients and league rules prohibit someone from representing players and also being an owner. So Jay Z said goodbye Thursday in a statement posted on a blog on his Life & Times web site.

It reads as such:

"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."

Tags: Jay Z , Brooklyn Nets , Mikhail Prokhorov , Bruce Ratner , Brett Yormark , Dmitry Razumov , Christophe Charlier

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