Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd | TigerDroppings.com

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TigerinATL
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Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

Jay Z is selling his minority ownership in the Brookyn Nets to coach Jason Kidd, sources exclusively tell Page Six.

We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000.

The move comes as Jay was forced to sell his Nets shares over a conflict of interest after he started a sports agency, Roc Nation, signing clients including Yankee Robinson Cano and Oklahoma City star Kevin Durant.

A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”

LINK

.067% of the team isn't much, but won't it still be a little awkward if Kidd needs to be fired? Does this make Kidd Billy King's boss?







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DeltaDoc
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Member since Jan 2008
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re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


It's easy to see why Obama and Jay Z are such fast friends. He only owned 1/15 of 1%? He talked and rapped like he was the majority owner. Hell, I need to start telling people I own Exxon since I have some stock.





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WDE24
Wright St. Fan
Member since Oct 2010
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re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


Nm Math fail.


This post was edited on 9/4 at 9:49 am


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Croacka
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re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


750 mill by my math





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WDE24
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Member since Oct 2010
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re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


Yep. I caught it too late.





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Dr RC
Texas A&M Fan
Dallas
Member since Aug 2011
14147 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


why so bitter broham?





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BIGDAB
Grambling Fan
Go for the Jugular
Member since Jun 2011
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re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

750 mill by my math


How much is the team worth?






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reddman
Miami (OH) Fan
NOLA
Member since Jul 2005
68432 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

It's easy to see why Obama and Jay Z are such fast friends. He only owned 1/15 of 1%? He talked and rapped like he was the majority owner. Hell, I need to start telling people I own Exxon since I have some stock.








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Cajun Revolution
Member since Apr 2009
43708 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

Hell, I need to start telling people I own Exxon since I have some stock.


Exactly. I thought he owned at least 30%. Knew that Russian was majority owner though.






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TeddyPadillac
LSU Fan
Member since Dec 2010
2339 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

How much is the team worth?



according to Forbes in January of 2013,
530 million.






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BIGDAB
Grambling Fan
Go for the Jugular
Member since Jun 2011
6784 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


So he paid about 5 mil and change for his stake in the team? A portion of that 1 % he sold to Kidd, and the other portion he kept as ownership in the Barclays center itself. If he made money on it, good for him. He does brag about it, but that's what rappers do.





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lsu480
LSU Fan
Downtown Scottsdale
Member since Oct 2007
69424 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

So he paid about 5 mil and change for his stake in the team


He did?






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lsutigerfan1976
LSU Fan
Slidell, LA
Member since Nov 2009
2358 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

It's easy to see why Obama and Jay Z are such fast friends. He only owned 1/15 of 1%? He talked and rapped like he was the majority owner. Hell, I need to start telling people I own Exxon since I have some stock
What does Obama have to do with anything? Some of you have this weird obsession with him.






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BIGDAB
Grambling Fan
Go for the Jugular
Member since Jun 2011
6784 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

He did?


The team is worth about 530, maybe he paid more, I can't find the official number for the purchase of the team.






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lsu480
LSU Fan
Downtown Scottsdale
Member since Oct 2007
69424 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

The team is worth about 530, maybe he paid more, I can't find the official number for the purchase of the team.


Right and he has 1/15th of 1%






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BIGDAB
Grambling Fan
Go for the Jugular
Member since Jun 2011
6784 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

Right and he has 1/15th of 1%


gotcha, I misread.






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lsu480
LSU Fan
Downtown Scottsdale
Member since Oct 2007
69424 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


You probably did because he always acts like he is king shite because he "owns" The Nets"!





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brgfather129
Texas Tech Fan
Austin, TX
Member since Jul 2009
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re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


Thanks Obama





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Fun Bunch
New Orleans Pelicans Fan
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re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


Its going to be an interesting press conference when 1/15th of 1% of Jason Kidd has to fire 100% of Jason Kidd.





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BIGDAB
Grambling Fan
Go for the Jugular
Member since Jun 2011
6784 posts

re: Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd


quote:

You probably did because he always acts like he is king shite because he "owns" The Nets"!


I know he doesn't own the nets,FWIW I don't think I've ever heard him say he owns the Nets. Honestly I think the bigger part of the deal for him, was a stake in Barclays center.


quote:

Jay-Z purchased his stake in the Nets in January of 2004, investing a reported $1 million in the team. As of this fall, he held one-fifteenth of one percent of the Nets, according to the New York Times, but owned one fifth of one percent of the $1 billion Barclays Center. By FORBES’s estimates, the former stake is worth $350,000; the latter is worth $2 million.

What seems most likely is that, in preparation for the launch of Roc Nation Sports, Jay-Z began converting equity in the team into a stake in the Barclays Center, which he’d still be allowed to own as an agent.

Whether or not Jay-Z poured more money into the Nets beyond his initial investment, however, remains unclear. Assuming he did not, that would mean he turned $1 million into $2.35 million over the course of nine years, a gain of 135%. Over the same period of time, Warren Buffett’s Berkshire Hathaway stock has risen by about 85%.

And Jay-Z’s investment will continue to pay dividends–though he has confirmed the end of his career as a Nets co-owner, it appears he’ll hang on to his Barclays Center stake.


LINK


THANKS OBAMA!!



This post was edited on 9/4 at 10:45 am


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