The groundbreaking rapper and entrepreneur said in a statement the decision was difficult, but if he wants to build Roc Nation Sports he had to sell off his share of the team. Jay-Z, whose real name is Shawn Carter, said he remains a devoted fan, CNN said Saturday.
He was instrumental in moving the Nets from New Jersey to Brooklyn, his home borough in New York.
They played their first season there this year and qualified for the NBA playoffs in the Eastern Conference.
"For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets," Jay-Z said in a statement. "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."