Jay is reportedly selling his Nets shares so he can become a licensed agent. Via the Hollywood Reporter:
Jay-Z has decided to sell his shares of the Brooklyn Nets, the team for which he is the unofficial celebrity ambassador, in order to expand his sports representation agency to include NBA players, Yahoo Sports reports.
The rapper/mogul, who is reported to own one-fifteenth of 1 percent of the Barclays Center-based franchise, recently teamed up with CAA on the launch of Roc Nation Sports, representing pro athletes. But he can't sign basketball stars if he has a stake in a team. It's an NBA rule and part of the process of getting certified by the National Basketball Players Association to become an agent. According to Yahoo, Jay-Z's transition from Nets co-owner to NBA agent should be completed for the league's June draft. In his partnership with CAA, the firm's agents will oversee contract negotiations while Jay-Z will leverage his worldwide influence in the realms of business and entertainment. CAA's clients include Carmelo Anthony, Chris Bosh and Tony Parker.
And in more hashtag personal brand news, the star-studded lineup for Jay's “Made in America” Festival (which is being held in Philly this year), has been announced. Via Philly.com:
Nine Inch Nails
Walk the Moon
Fitz and The Tantrums
Birdy Nam Nam