Jay-Z to sell Nets share to become agent

Posted By GABRIELLE LEVY, UPI.com   |   April 10, 2013 at 7:18 AM   |   0 comments

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April 10 (UPI) -- Rapper Jay-Z raised eyebrows last week when he announced the formation of Roc Nation Sports and signed Yankees star Robinson Cano as his first client.

But Jay-Z's foray into the agency business is no whim: in fact, he wants to add NBA players too, so he has started the process to relinquish his share of the Brooklyn Nets.

Roc Nation Sports and its partner Creative Artists Agency plan to complete the process in time for the NBA draft in June, sources told Yahoo Sports News, but Jay isn't "chasing the clock on this."

"This isn't about one draft, but taking the long view of the business," the source added.

Sources told Yahoo that CAA and Jay-Z are moving forward carefully so as to end his partnership with the Nets on good terms.

Jay-Z owns just a tiny fraction of the basketball franchise -- less than 1 percent -- but has been the face of its move from New Jersey to Brooklyn and much of the marketing around the team's new home at the Barclays Center.

He was the first to show off the Nets' new uniform during the inaugural concert at the Barclays Center in September, and he and his wife, Beyonce, can often be spotted watching the games court-side.

While Jay-Z will leave contract negotiations and day-to-day player business to CAA's basketball and baseball agents, his personal brand and business empire will likely be more than enough to draw players looking to cash in on marketing, entertainment and endorsements.

The National Basketball Players Association requirements to become a certified agent are more formalities than real hurdles, and Jay-Z's bid to become one is expected to go smoothly. He will not be required to sell his share in the Barclay Center.

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