Brooklyn, NY, United States (4E Sports) – Brooklyn head coach Jason Kidd has bought a portion of Jay-Z’s minority share of the Nets, according to a source.
The NBA has no rule barring coaches from owning a stake in teams, but there is a rule against players or agents doubling as owners.
The value of the share being purchased by Kidd is $500,000 and represents one-sixth of 1 percent ownership of the team. The NBA has to approve the transaction.
Earlier this year, Flip Saunders, president of basketball operations for the Timberwolves, bought a minority share in the Wolves.
Jay-Z recently formed the agency Roc Nation and represents athletes including New York Yankees second baseman Robinson Cano, Oklahoma City Thunder forward Kevin Durant and New York Jets quarterback Geno Smith.
After that, the rapper sold his stake with the Nets per league rules.