It comes to no surprise that after rap mogul Jay-Z signed to be the sports agent for New York Yankees Robinson Cano, he will now sell his small (really small) ownership in the NBA’s Brooklyn Nets franchise.
Contrary to popular belief, Jay-Z only owns less than 1% ownership in the Brooklyn Nets. He is more of a figurehead than someone with any power. The majority owner is Russian billionaire Mikhail Prokhorov.
He recently partnered with Creative Artists Agency (CAA) to create his own company, Roc Nation. He hopes to complete the sell by the end of the season so he can sign upcoming players in this June’s NBA Draft.
It’s hard to say who used who between Jay-Z and the Nets. The then-New Jersey Nets eyed a marquee name to attached themselves. It helped Jay-Z had New York ties to help create a buzz about push the team’s future move to the area in motion.
On the other hand, Jay-Z is using his experience as a small (very small) minority ownership and parlaying that into a job as a sports agent. It’s a win-win for both parties.
Since Roc Nation is partnered with CAA, they will have extra leverage in signing prospective athletes, since he will have ties to Hollywood. Athletes with aspirations to do more than just play a sport, will have an experienced team to help them do so.
I expect Roc Nation to be a major player in the NBA, NFL and MLB. Young players will fall in love with the idea of being represented by Hova. No other sports agency has that kind of appeal.