The Grammy-award winning rapper launched Roc Nation Sports recently, which is a joint venture with Creative Artists Agency, to represent baseball and football players. Some players that are reportedly signed with the agency include New York Giants wide receiver Victor Cruz and New York Yankees second baseman Robinson Cano.
Jay-Z owns a .067% stake in the Nets, which is worth around $350,000, according to ESPN.com.
NBA league rules state he has to sell his minority ownership share if he wants to represent players:
"It'd be hard to overstate how important he was to the rebranding of the team," Nets head coach P.J.Carlesimo said about Jay-Z.
From Yahoo! Sports:
The process is expected to be completed in time for Roc Nation to compete for players entering the June NBA draft, but there's no guarantee of the timing, sources said. Those within Roc Nation and the CAA alliance aren't "chasing a clock on this," one source said. "This isn't about one draft, but taking the long view of the business."