Earlier this week Yahoo!’s Adrian Wojnarowski reported that Jay-Z would be selling his share of the Brooklyn Nets so that he can become an NBA agent. While the entrepreneur has been the most visible face of the Nets since moving to Brooklyn, his stake in the team is a lot less than most people realise.
According to Darren Rovell of ESPN, Jay-Z owns just 0.067% of the Nets. Forbes.com recently valued the Nets at $530 million. That would mean Jay-Z’s share is worth just $355,100, or less than it would cost to buy a two-bedroom apartment in Brooklyn.
In addition to the status of being the owner of an NBA team, Jay-Z did come out ahead on the deal. As part of his stake in the club, Jay-Z was given free use of one of the “Vault” suites at the Barclays centre. The team normally charges $550,000 per year for these exclusive suites.
The majority of the Nets is owned by Mikhail Prokhorov, who reportedly has an 80% stake in the franchise. He led a group that paid $200 million for the team in 2010.
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