Jay Z Reportedly Selling Brooklyn Nets Shares to Jason Kidd

Jay Z played a key role in the rebranding of the franchise as it made the transition from New Jersey to Brooklyn and overhauled its look. The Post states he also helped the team appeal to players as it was attempting to develop into a title contender. 

On Wednesday, The New York Post's Page Six column reported a result few likely expected: that the shares will pass from one Jay to another, first-year Nets head coach Jason Kidd.

We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000. [...]

A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.” [...] We’re told that, unlike Jay, the coach owning minority shares in the team would not be seen as a conflict of interest.

According to the source, Jay Z controlled 0.1608 percent of the Nets, or roughly 1/6 of 1 percent through 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 has never revealed the specific number.

The source said that Jay Z had originally planned to sell half his shares to another suitor, but that Kidd asked he sell the stake to him. 

The transaction would close the circle for Jay Z and J-Kidd. It was Kidd who reportedly was the first to suggest that Jay Z buy into the Nets 10 years ago. That conversation took place at Kidd's 30th birthday party, held at Jay Z's 40/40 Club in Manhattan, according to reports. Not long after, Jay Z met with Bruce Ratner. 

There are conflicting accounts as to how much Jay Z paid initially with one report suggesting $100,000, another $400,000.

As for a potential conflict, the source said there is none, that coaches can own part of a team. Players cannot.

                                                             Jay Z and Jason Kidd 

By reportedly selling to Kidd, it shows the team is really going all in with its new coach. He helped lead the team to great heights on the court during the early 2000s, and the Nets hope he can do the same while on the sidelines.