Jason Kidd to buy portion of ownership of Brooklyn Nets

kidd-1According to the New York Post, new Brooklyn Nets head coach, former NBA player Jason Kidd will buy a portion of Jay-Z‘s ownership of the Brooklyn Nets.

It should be noted that Jay Z only owned about 1.6 percent of the team, so Kidd’s share is going to be pretty slim.

It’s still unclear at this point exactly how much of Jay-Z’s 1/6 of one percent share Kidd will buy, but he’s apparently going to shell out about $500,000 to become a minority owner of the Nets.

With Jay Z moving into the sports agent world, because of league rules he also has to sell his stake in the team.

He’s officially a licensed agent now, but has agreed to get his share sold. And he’s found a partial buyer in Kidd, and sold the rest to an existing minority owner in the team.

Russian mogul Mikhail Prokhorov is the primary owner with 80 percent.

According to Nets Daily, the transaction brings everything kind of full circle. Jay Z originally bought his share of the team at the suggestion of Kidd in 2003, who at the time was the franchise’s All-Star point guard.

The Nets are valued at around $600 million, but will have a $102 million payroll this season with a near $90 million luxury tax bill.

Kidd, a probable future Hall of Famer, took on the Nets coaching job just recently, after playing 19 years in the NBA, and participating in 10 NBA All-Star games.

Kidd played 1391 games in the NBA, starting in 1350 of them. He holds career averages of 12.6 ppg, 5 rpg and 6.3 apg in 36 minutes on the court.


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