(Nathaniel S. Butler, NBA)
Jay-Z rapped about his co-ownership of the Brooklyn Nets on "N-ggas In Paris," his hit single with Kanye West, and on the recently released "Open Letter."
But the music mogul had to relinquish his ownership stake in the NBA franchise now that he's launched Roc Nation Sports, a sports agency.
Roc Nation Sports signed New York Yankees second baseman Robinson Cano earlier this month and NBA rules stipulate that an owner of an NBA franchise cannot have an ownership stake in a sports agency.
"Being a member of the Nets organization surpasses some of my greatest ambitions," the Brooklynite wrote on his Life + Times blog. "It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I'm a Brooklyn Net forever."
Jay-Z goes on to thank Mikhail Prokhorov, majority owner of the Nets, among others, for helping make the Nets a first-class organization.
The entrepreneur also writes that Roc Nation Sports "is committed to building the brands of professional athletes as we have done for some of today's top music artists."