Jason Kidd to buy half of Jay-Z's ownership share of Nets

Jason Kidd to buy half of Jay-Z's ownership share of Nets

Postby Basketball Fan on Wed Sep 04, 2013 8:55 am

http://probasketballtalk.nbcsports.com/ ... e-of-nets/

Jason Kidd to buy half of Jay-Z’s ownership share of Nets

He’s not just the coach, he’s the owner… of a sliver of the team.

Remember that Jay Z owned 0.1608 percent of the Brooklyn Nets — a small part of the team but it gave him room to boast on tracks and be at the heart of the redesign of the franchise’s look when it moved to Brooklyn from New Jersey.

Now Jay Z is getting into the agent business (his agency has signed Kevin Durant among others) and he has to sell his ownership share.

Jason Kidd is buying half of that stake at a cost of $500,000. No word on if that includes a share of the Barclay Center. The other half of Jay Z’s share of the team was purchased by an existing minority owner of the team. The New York Post broke the story but the New York Daily News had the updated information.

This is just everything coming full circle — Jay Z bought a part of the Nets back in 2003 at the suggestion of Kidd. Back then Kidd was the Nets All-Star point guard dropping 18.7 points a game. The conversation allegedly took place at Kidd’s 30th birthday party, which was at Jay Z’s 40/40 club in New York.

There is no conflict; coaches can own part of a team (players cannot).

What this means for the Nets ownership structure is nothing, really. Mikhail Prokhorov owns 80 percent of the Nets and is the driving force behind the changes there. It just means when the Nets massive tax bill comes due (they have about $102 million payroll which will mean about $87 million in taxes) Kidd can pay part of it.
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Re: Jason Kidd to buy half of Jay-Z's ownership share of Nets

Postby therealdeal on Wed Sep 04, 2013 9:37 am

Jay-Z selling so he can get more involved with his Agency?
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Re: Jason Kidd to buy half of Jay-Z's ownership share of Nets

Postby Basketball Fan on Wed Sep 04, 2013 10:53 am

Sports agents can't own shares of any team he had to sell it
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Re: Jason Kidd to buy half of Jay-Z's ownership share of Nets

Postby therealdeal on Wed Sep 04, 2013 11:18 am

That's what I said. :man10:
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Re: Jason Kidd to buy half of Jay-Z's ownership share of Nets

Postby Ras Algethi on Thu Sep 05, 2013 1:11 am

Such a tiny share. Hard to call someone an "onwer" though they technically are part owner.
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Re: Jason Kidd to buy half of Jay-Z's ownership share of Nets

Postby abeer3 on Thu Sep 05, 2013 4:57 am

so, if you own less than .1% of a team, do the majority owners just get to randomly cut you off mid-sentence during shareholder meetings? that could be fun. I imagine Kidd playing Donnie to Prokhorov's Walter Sobchak.
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Re: Jason Kidd to buy half of Jay-Z's ownership share of Nets

Postby Juronimo on Thu Sep 05, 2013 11:32 am

What happens if Jason Kidd gets fired? Would he have to sell his .08% or whatever percentage of stock to coach another team?
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