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Jay-Z is part owner of Nets

NEW YORK, Aug. 12 (UPI) -- Rapper Jay-Z is now a part-owner of pro basketball's New Jersey Nets.

The NBA Board of Governors Thursday approved the sale of the team to a group that includes the hip-hop star.

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The governors approved the $300 million offer from the group led by developer Bruce Ratner, MTV.com reported.

Ratner recruited Jay-Z and a number of prominent Brooklynites with the idea of moving the franchise to downtown Brooklyn.

He plans to build a 19,000-seat arena in time for the 2006-2007 NBA season as part of a $2.5 billion development project, although the plan faces community opposition, the report said.

Jay-Z holds a minority interest in the team.

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