Apr 19, 2013 01:30 PM EDT

Jay Z Ends Job as Part Owner of Brooklyn Nets

Jay Z is calling it quits on his job as a part owner of the Brooklyn Nets, according to reports.

The hip hop icon, married to singing powerhouse Beyonce, owns 1/15th of 1 percent of the Nets, according to NBC Sports. Jay Z acknowledged that he's selling his stake in the team to pursue his venture to become a full-fledged sports agent with his start up agency, Roc Nation Sports.

Jay Z, whose real name is Shawn Carter, seemed to confirm the sale in a song "Open Letter" that dropped a few days after reports surfaced he was selling.

"I would have brought the Nets to Brooklyn for free, except I made millions off of you [expletive] dweebs. I still own the building, I'm still keeping my seats. If you buy that [expletive], you better keep your receipts."

In a statement on Lifeandtimes.com, Jay-Z made it official that he is out of the ownership business.

"Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I'm a Brooklyn Net forever. It's been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team," he wrote

Jay Z is calling it quits on his job as a part owner of the Brooklyn Nets, according to reports.

The hip hop icon, married to singing powerhouse Beyonce, owns 1/15th of 1 percent of the Nets, according to NBC Sports. Jay Z acknowledged that he's selling his stake in the team to pursue his venture to become a full-fledged sports agent with his start up agency, Roc Nation Sports.

Jay Z, whose real name is Shawn Carter, seemed to confirm the sale in a song "Open Letter" that dropped a few days after reports surfaced he was selling.

"I would have brought the Nets to Brooklyn for free, except I made millions off of you [expletive] dweebs. I still own the building, I'm still keeping my seats. If you buy that [expletive], you better keep your receipts."

In a statement on Lifeandtimes.com, Jay-Z made it official that he is out of the ownership business.

"Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I'm a Brooklyn Net forever. It's been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team," he wrote

"The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today's top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it's not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net," Jay Z concluded. 

"The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today's top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it's not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net," Jay Z concluded. 

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