Jay-Z Writes Open Letter to Fans Explaining Selling of Shares

When Jay-Z sold his (small) share of Brooklyn Nets, fans at first were confused, possibly worried. Why was the man who helped hype the Brooklyn Nets, who had say in the Nets new design and upbringing suddenly be selling his ownership? Soon after, they found out Jay-Z was creating his own sports agency, Roc Nation Sports. His first client was Yankees' Robinson Cano. While signing an MLB player isn't against the rules, if he wants to sign NBA players, he cannot be an owner of the team.

After this was all explained to the public, Jay-Z released an open letter to his fans on his website, Life and Times, explaining why he sold his shares. At first he explains that he is a genuine Brooklyn Nets fan, saying it wasn't about the business, but the borough.

Being a member of the Nets organization surpassed some of my greatest ambitions. 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.

A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team. 

After he goes on to explain what many of us now know, that he can't start his agency while holding a part of the Brooklyn nets.

The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets.

As for who will take his stake, Reddit co-founder Alexis Ohanian has shown interest in becoming a part owner of the Brooklyn Nets.
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