Report: Jay Z to sell Nets ownership stake to Jason Kidd

Brooklyn Nets head coach Jason Kidd smiles as

Brooklyn Nets head coach Jason Kidd smiles as he speaks to reporters during a news conference at the Barclays Center. (July 18, 2013) Photo Credit: AP

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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.

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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.

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