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Jay Z Selling His Stake in Barclays Center

Rapper also sold shares of NBA team

Jay-Z performs in Pasadena, California.
Lester Cohen/WireImage
September 18, 2013 2:55 PM ET

Jay Z is set to earn more than $1.5 million by selling his stakes in the Brooklyn Nets and Barclays Center.

The rapper is unloading his shares in the sports franchise due to conflicts with Roc Nation Sports, his new sports agency, reports Forbes. Roc Nation Sports' roster includes players Robinson Cano from the New York Yankees, Skylar Diggins from the WNBA, Victor Cruz of the New York Giants and Kevin Durant from the Oklahoma City Thunder.

Jay Z Ponder Pitfalls of Fame in 'Holy Grail' Video

Jay Z owns about one-fifth of one percent of the Barclays Center, which was recently appraised to be worth about $741 million, setting him up to receive around $1.5 million after the sale. He could potentially receive even more, given that the Barclays Center was the top-grossing venue in the country through the first half of 2013. 

The rap mogul has already started selling his stake in the Nets, gaining $500,000 from head coach Jason Kidd for his one-fifteenth of one percent. The sale to Kidd marks the Nets' value at around $750 million and is the second-highest price paid for an NBA team. 

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Song Stories

“Bird on a Wire”

Leonard Cohen | 1969

While living on the Greek island of Hydra, Cohen was battling a lingering depression when his girlfriend handed him a guitar and suggested he play something. After spotting a bird on a telephone wire, Cohen wrote this prayer-like song of guilt. First recorded by Judy Collins, it would be performed numerous times by artists incuding Johnny Cash, Joe Cocker and Rita Coolidge. "I'm always knocked out when I hear my songs covered or used in some situation," Cohen told Rolling Stone. "I've never gotten over the fact that people out there like my music."

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