Report: Jay Z to sell Nets ownership stake to Jason Kidd
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Jay Z is selling half his minority stake in the Nets to new coach Jason Kidd for $500,000, SB Nation's "Nets Daily" blog reported, citing a Nets source.
The site said the entertainer sold the other half of his 0.1608 percent ownership of the team to another minority owner, having been forced to divest upon recently becoming a player agent.
A coach is permitted to have ownership in a team he works for, but agents and active players cannot. It was Kidd who reportedly got Jay Z interested in owning a piece of the Nets 10 years ago, at Kidd's 30th birthday party.