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 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.