HoopsHype Jay Z rumors
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In fact, he’s drawing on some of the business lessons he learned much earlier in life, he said. Jay Z: “I know about budgets. I was a drug dealer,” he told the magazine. “To be in a drug deal, you need to know what you can spend, what you need to re-up. Or if you want to start some sort of barbershop or car wash—those were the businesses back then. Things you can get in easily to get out of [that] life. At some point, you have to have an exit strategy, because your window is very small; you’re going to get locked up or you’re going to die.” For The Win
On a new track that Hot 97 DJs assured audiences was "blazin" and "right," rapper Jay-Z addresses the impending sale of his minority ownership in the New Jersey Nets and his sports agent future. The wanna-be Scott Boras dropped a few bars about his ongoing sports situation on the song Open Letter. He raps: "I woulda moved the Nets to Brooklyn for free/Except I made millions off you [expletive] dweebs/I still own the building, I'm still keeping my seats/You buy that [expletive], you better keep your receipts." USA Today Sports
The Brooklyn Nets beat the New York Knicks on Monday night, which made one particular Nets minority owner/hip-hop mogul very happy. “The city is under new management,” Jay-Z posted on Twitter following Brooklyn’s 96-89 overtime victory over New York at Barclays Center. ESPN.com
That’s interesting. Maybe they were concerned you would reveal how much of the team he didn’t really own. Many people were under the impression that it was 10 percent or maybe even 5 percent. Halbfinger: It’s very simple. (Jay Z) invested $1 million and that was out of a $300 million purchase price. That’s one-third of one percent, period. End of story. The Launch Magazine
Then that percentage went even lower? Halbfinger: When Mikhail D. Prokhorov (the billionaire owner of the Brooklyn Nets) bought 80 percent of the team what that does is squeezes down the 100 percent of all the other people into 20 percent. Everybody who had a piece up to that point had their stake divided by five. That’s it. Clearly what Jay’s stake is worth now, you could calculate it if you knew what the team was valued at based on Prokhorov’s purchase and then you could guess how much it’s gone up or down since then. But it’s just simple math. The Launch Magazine
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