According to Forbes, the hip-hop mogul is expected to rake in a cool $1.5 million as the result of selling his ownership stake in the new Barclay’s Center. Of course, that amount is merely small change to a man who’s made millions from album sales and his most recent tour with Justin Timberlake, not to mention his various business endeavors.
But unloading his share of his beloved team and the new arena was a necessary moveunder NBA rules in the wake of Jay Z launching his new sports agency, Roc Nation Sports, in April.
The company has so far signed a number big athletes, including NBA star Kevin Durant of the Oklahoma City Thunder, New York Yankees second basemanRobinson Cano, New York Jets’ Geno Smith and the WNBA’s Skylar Diggins.
As the magazine reports, H.O.V.A. also recently netted $500,000 after Nets head coach Jason Kidd purchased his one-fifteenth of one percent share in the Brooklyn Nets (the franchise is now valued at $750 million).
As for the Barclay’s Center, Jay Z’s projected $1.5 million in earnings come from his ownership of less than one-fifth of one percent of the venue, the value for which New York City has appraised at $741 million.
That number could go up however since Barclay’s is performing like gangbusters since opening last year. Profits for the first six months of 2013 have soared to $10.8 million and it’s currently the top-grossing venue in America.
Despite giving up a piece of the Nets however, the Brooklyn-born rapper wrote on his website a few months ago that he’s still a “Brooklyn Net forever.”Follow @Infocelebrity on Twitter!
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