Report: Kidd to buy Jay Z's stake in Nets

The Sports Xchange

Reuters

11:53 AM EDT, September 4, 2013

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Jason Kidd will not only coach the Brooklyn Nets, but he'll own a stake in the team as well, according to a report.

Kidd is buying half of Jay Z's minority share of the team for about $500,000, the New York Post reported Wednesday. Jay Z's stake in the franchise is about 1.6 percent, which means Kidd would own less than 1 percent.

With Jay Z founding Roc Nation Sports and becoming a licensed sports agent earlier this year, he had to sell his small portion of the team according to NBA rules. The rest of Jay Z's shares were sold to an existing minority owner, the Post reported.

Russian Mikhail Prokhorov is the majority owner of the Nets, who are valued at approximately $600 million. He bought the team in 2009 and holds 80 percent of the shares.

Kidd, a former point guard for the Nets, is permitted under NBA rules to have an ownership stake in a team, but players are not allowed to do so. Kidd retired as an active player after last season.

The Nets did not comment on the report.

Nalod wrote:

ChuckBuck wrote:1/6 of 1% is virtually nothing.

$500,000=Nothing?

relative to $600M?

Nalod wrote:

martin wrote:

Nalod wrote:

ChuckBuck wrote:1/6 of 1% is virtually nothing.

$500,000=Nothing?

relative to $600M?

So why did Kidd take out his checkbook and do it?

Power? Naw. Not much.

Money? Gonna guess Jason worth 50-100mm.

If Franchise value goeup 20%, he makes 20% on his money.

Symbolic buy in of unity and presence?

Maybe.

On a $600mm franchise, thats is worth something!!!!!

Martin or chuckbuck, quick question: Is your "Nothing" worth 500k?

These are millionaires Nalod, to scale to lowly regular people like us, it'd be like investing like a grand or so.

Nalod wrote:

martin wrote:

Nalod wrote:

ChuckBuck wrote:1/6 of 1% is virtually nothing.

$500,000=Nothing?

relative to $600M?

So why did Kidd take out his checkbook and do it?

Power? Naw. Not much.

Money? Gonna guess Jason worth 50-100mm.

If Franchise value goeup 20%, he makes 20% on his money.

Symbolic buy in of unity and presence?

Maybe.

On a $600mm franchise, thats is worth something!!!!!

Martin or chuckbuck, quick question: Is your "Nothing" worth 500k?

first of all I doubt kidd is worth 50-100 mil.. dude had a divorce and those guys spend more than they make.. between that and taxes, I doubt it..

as far as martin and chuck go. I don't think they were trying to indicate that 500k, was nothing.. but relative to 600 mil it is nothing nalod.. doesn't matter if none of us on here have 500k or 500 pennies.. relatively speaking 500k is peanuts when it comes to 600 mil..

put it this way.. if any of us wanted to invest 500k in the nets, proky probably tells us to keep our money.. he doesn't need it, and he pretty much let jay z buy in because of his celebrity and kidd of course because he is now coach....

Riley had ownershop!!!!!!

Buy in is also putting your money where your mouth in.

He can still get fired, but I like the move, even if its symbolic!

NYKBocker wrote:

smackeddog wrote:Why didn't JKidd sign with the nets last season instead of us? Doesn't really make sense, especially since he gave up the money we signed him for.

Because he thought he still had something left in the tank.

We had the mini mle, the Nets used theirs on teletovic.

so he got 3 mil for one year which is more than a vets min.

Not this bullshyt.

When Kidd get's fired or goes back to coach Phoenix next season, who's next?

The bigger question is why hasn't the Moz been even sniffed at by the Nyets?