Jay-Z Rumors

We talked about Jay Z last year and you being a fan of his. Obviously you went to his concert at the Barclays Center. I have to ask you, do you have a favorite Jay Z lyric? Silver: I do have a favorite Jay Z lyric, which I find myself often using in business conversations, and that is, Even a broken clock is right two times a day. From “Guns and Roses.” McCollum: That’s a good one. Silver: I may be paraphrasing, but it’s close.
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B/R: Your buddy Jay Z had a stake in the Brooklyn Nets. So would you ever consider ownership with an NBA team one day? Diddy: Nah. To be honest, I’m trying to make sure I have a quality in life, trying to hide as an executive. Let them work. I’m trying to just raise my kids and take care of my health and spend time with me a little bit. My new company and my new venture is my health and my spirit. That’s like the biggest corporation I’ve ever started. It’s called Sean Inc.
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Some around the league point to Durant’s decision to part with Landmark Sport’s Rob Pelinka as his agent to sign with rap mogul Jay Z’s RocNation Sports last summer as a big red flag. However, sources close to the situation say that Durant’s decision was not about Oklahoma City, but about building his off-the-court brand outside of the traditional sports marketing world.
If you’re going to the Super Bowl, it is time to start being nice to Mark Cuban. In an email, Cuban confirmed the speculation about his Super Bowl party: “The annual AXS TV Direct Super Bowl party will feature Jay-Z,” he says. Cuban is the co-founder of AXS TV. He will co-host the party with Eli Manning. Scheduled to be held at DirecTV’s SuperFan Stadium at New York’s Hudson River Park Pier 40, the event is invitation only.
Rapper and hip-hop entrepreneur Jay-Z was the public face of the club’s move to Brooklyn, having input into the team logo, and also owning a stake in the franchise. He has since sold his share in the Nets, and the Barclays Center, for $1.5m according to Forbes magazine. The sale was necessary under NBA rules, after he set up his own sports agency. “He doesn’t need to be an owner to still be involved,” says Mr Yormark. “He is a Brooklyn person, and a season-ticket holder. I expect we will continue to see him at games. “He initially gave us street credibility. He helped raise that awareness and interest during the move to Brooklyn.”
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In fact, he’s drawing on some of the business lessons he learned much earlier in life, he said. “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.”
Jay-Z is now certified with the National Basketball Players Association to negotiate NBA player contracts with clubs, according to Robert Gadson, NBPA director of security and agent administration. In June, the NBPA agreed to certify Jay-Z, whose real name is Shawn Carter, pending verification that he had divested his small ownership stake in the Brooklyn Nets. Gadson said last week that the union had received confirmation that Jay-Z had sold his stake in the team. “I have a signed letter that he divested his interest in the Nets,” Gadson said of Jay-Z. “He is now eligible to negotiate on behalf of NBA players.”
Jay-Z has to unload his ownership interests in the Brooklyn Nets and the Barclays BCS +2.78% Center due to his new sports agency, Roc Nation Sports. Roc Nation Sports’ roster includes Robinson Cano of the New York Yankees, Skylar Diggins of the WNBA, the Oklahoma City Thunder’s Kevin Durant, and Victor Cruz of the New York Giants. The rapper has already begun selling his stake in the NBA team, getting $500,000 from Nets head coach Jason Kidd for his one-fifteenth of one percent. The sale to Kidd values the Nets at $750 million, and is the second-highest price paid for NBA team. Vivek Ranadive sold his interest in the Golden State Warriors at a grossed-up value of $800 million so he could buy the Sacramento Kings.
According to the source, Jay Z controlled 0.1608 of the Nets, or roughly 1/6 of 1 percent of Nets Sports and Entertainment (not 1/15th of one percent, as reported by the Times last year and the Post Wednesday.) Jay Z, whose name is Shawn Carter, suggested during his opening night concert at Barclays Center that the real number was higher than what the Times’ David Halbfinger had reported. He didn’t reveal the specific number.
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In an interview on this Life + Times YouTube channel, Jay-Z spoke again about his departure from the Nets. One of the Brooklyn group’s original investors had to sell his share in the team to avoid a conflict of interest with his new job, as an agent for professional athletes. His job, he said, was done. “I think my job was done with the Nets,” he told Elliot Wilson. “They got to Brooklyn. I played my part in that, even the look and design and attitude of the Brooklyn Nets.”
In an interview with Hot 97 this week, Jay-Z talked about the end of his ownership with the Nets, saying “it ended great” and promised to be a season ticket holder, presumably courtside, “as long as I can afford it.” “It ended great. fantastic thing,” said the former Nets owner. “Brought them to Brooklyn. Everyone trying to trivialize my involvement in the Nets to a percentage. The Nets are great, man, sweet, wonderful players.”
Durant also refuted a report that quoted an anonymous person who said of Durant hooking up with Jay-Z: “he had a chance to be with his idol and couldn’t say no.” “I didn’t say that at all. They’re speaking for me,” Durant said of the person making that claim. “I didn’t say that at all. I didn’t say he was my idol. I seen that comment, ‘he’s my idol and I couldn’t pass it up.’ Nah, I didn’t say that at all. I really respect Jay-Z for what he’s done, being a rapper and then moving over to the business side and conducting himself the way he is now. But I never said he was my idol and I couldn’t pass up on it.”
Kevin Durant says Thunder fans have nothing to worry about with his newly formed partnership with music mogul Jay-Z and his upstart sports agency, Roc Nation Sports. “He has nothing to do with if I’m going to leave OKC or none of that,” Durant told The Oklahoman. “I heard that before so put that out on the table. He has nothing to do with that. He knows his lane with me. Their team knows their lane with me. And they’re letting me handle the basketball part. I would tell fans not to worry about that at all.”
Three years ago, Dolan complained to the league office after a billboard of the Nets’ new billionaire owner, Mikhail Prokhorov, and part owner Jay-Z appeared on Eighth Ave. near Madison Square Garden. It was unveiled on the eve of the much-hyped 2010 free agent recruiting period as both franchises geared up to make a run at LeBron James. Dolan, according to a source, was so enraged that he paced back and forth and was ordering his lieutenants, “Get me Jay-Z on the phone.” “Everyone was scrambling to find the phone number,” the source said. “It was a wild time.”