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Message
Jay Z Sells his Stake in Nets to new Nets Coach Jason Kidd
Posted on 9/4/13 at 9:41 am
Posted on 9/4/13 at 9:41 am
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?
3
Posted on 9/4/13 at 9:45 am to TigerinATL
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.
Posted on 9/4/13 at 9:45 am to TigerinATL
Nm Math fail.
This post was edited on 9/4/13 at 9:49 am
Posted on 9/4/13 at 9:48 am to WDE24
750 mill by my math
Posted on 9/4/13 at 9:49 am to Croacka
Yep. I caught it too late.
Posted on 9/4/13 at 9:51 am to DeltaDoc
why so bitter broham?
Posted on 9/4/13 at 9:54 am to Croacka
quote:
750 mill by my math
How much is the team worth?
Posted on 9/4/13 at 9:55 am to DeltaDoc
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.
Posted on 9/4/13 at 9:56 am to DeltaDoc
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.
Posted on 9/4/13 at 9:56 am to BIGDAB
quote:
How much is the team worth?
according to Forbes in January of 2013,
530 million.
Posted on 9/4/13 at 10:02 am to TeddyPadillac
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.
Posted on 9/4/13 at 10:04 am to BIGDAB
quote:
So he paid about 5 mil and change for his stake in the team
He did?
Posted on 9/4/13 at 10:07 am to DeltaDoc
quote:What does Obama have to do with anything? Some of you have this weird obsession with him.
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
Posted on 9/4/13 at 10:14 am to lsu480
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.
Posted on 9/4/13 at 10:19 am to BIGDAB
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%
Posted on 9/4/13 at 10:23 am to lsu480
quote:
Right and he has 1/15th of 1%
gotcha, I misread.
Posted on 9/4/13 at 10:25 am to BIGDAB
You probably did because he always acts like he is king shite because he "owns" The Nets"! 
Posted on 9/4/13 at 10:33 am to TigerinATL
Thanks Obama
Posted on 9/4/13 at 10:34 am to brgfather129
Its going to be an interesting press conference when 1/15th of 1% of Jason Kidd has to fire 100% of Jason Kidd.
Posted on 9/4/13 at 10:34 am to lsu480
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 9/4/13 at 10:45 am
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