Via: NY Daily News
It’s getting harder to question Jason Kidd’s commitment to the Nets. The coach is invested.
A source confirmed Wednesday that Jay Z is selling part of his minuscule ownership stake to Kidd, setting up an odd dynamic where the team’s coach is doubling as shareholder. The website Netsdaily.com reported that Jay Z — who owned 1/6 of 1 percent of the franchise — is selling half of his shares to Kidd for $500,000, and the other half to an undisclosed party.
In other words, Kidd is getting about .083 percent of the Nets, pending the expected clearance of logistical hurdles. The NBA allows coaches to double as owners, but Kidd would have to relinquish his shares if he’s employed by another team.
Players are not allowed to invest. Neither can agents representing NBA players, which is why Jay Z — who reps Thunder All-Star Kevin Durant — is selling his stake.
For Jay Z, the sale would complete a full circle. In 2004, the music mogul was reportedly urged to buy into the Nets by Kidd, the team’s star at the time. Jay Z was integral in building the brand, serving as the franchise figurehead and connection to Brooklyn. He also was a bridge to stars, participating in failed meetings with LeBron James and Carmelo Anthony.
It’s also a no-brainer for the Nets and Kidd, who earned roughly $190 million in a long playing career. The Nets, who were purchased by Prokhorov for $200 million in 2010, are a franchise on the rise with a new $1 billion arena and a roster built for title contention.
Prokhorov estimated the Nets will be valued at $1 billion by 2015, meaning Kidd’s sliver would be worth $830,000 in two years. Kidd, in a way, is investing in himself, amid questions about his capabilities as a first-year coach.
Kidd is represented by Jeff Schwartz, who has emerged as a powerful agent in the organization. Schwartz also reps Deron Williams and Paul Pierce.