Jay Z is one of the most successful people in the world. The millionaire rapper and mogul is married to an international pop- star, Beyonce, and is a currently a minority owner of the Brooklyn Nets. He was also an executive producer on the wildly popular videogame NBA2K13, and, in addition to his own rapping, is the head of the Roc Nation music company, which just signed a multi-year deal with Universal Music Group.
Now, Jay Z (whose real name is Shawn Carter) is expanding his business, and his image, by entering the business of sports management.
The common perception is that Jay Z is a huge part of the Nets organization. But, although he does play a large role in the team (especially in its relocation to Brooklyn as well as the team’s black jerseys), he does not own a lot of it- his percentage of the team is about 1/15 of a one percent (.067%), and totals around $350,000.
HOV is now in the process of selling his stake in the Nets so that he can expand Roc Nation Sports, a sports management business that recently signed Robinson Cano and Victor Cruz as its first two clients. Jay Z, a huge basketball fan, will look to take that business to the NBA. However, as one would imagine, he can’t hold a stake in one of the league’s teams if he wants to represent players.
Jay Z’s most notable potential client will be LeBron James, who is publicly good friends with the rapper, and who will also become a free agent in 2014.
Will Carter make a good sports agent? I would assume so- for a guy who came from nothing growing up in the streets of Brooklyn, I’d say the mogul, worth over $500 million according to Forbes, knows a thing or two about making money.