Jay-Z is no longer a part owner of the NBA team the Brooklyn Nets. The rapper announced on his website LifeAndTimes.com Thursday that his "job as an owner" of the Nets has come to an end.
Jay owned less than one percent of the team, but he had been looking to unload his stake after launching his own sports management company - Roc Nation Sports.
Jay writes that it's been an "honor" to work with Nets' owner Mikhail Prokhorov as well as "all the wonderful people involved in making the Nets first class."
Apparently, Jay was reluctant to sell his stake in the team, but did so in order to conform to NBA rules which stipulate that no one affiliated with a company that represents players can own stakes in an NBA team. While Jay points out that his time as an NBA team owner is over, he says his job as a Nets fan "has just begun."
Jay-Z launched Roc Nation Sports earlier this month in conjunction with Creative Arts Industry. The company has already signed baseball star Robinson Cano, who plays for the New York Yankees.
Photo Credit Getty Images