Thursday, July 25, 2013

Jay Z Explains Ownership Departure

After the album releasing of Magna Carta Holy Grail, Jay Z took the time out to inform the public on why he decided to give up his share of the Brooklyn Nets and become and sports agent. His reasons serve a much greater purpose and also gives him another challenge to take on.
“I think my job was done as far as the Nets,” Jay-Z said. “They got to Brooklyn. I played my part in that, even the whole look and design and the attitude of the Brooklyn Nets.
Jay Z talked about the things he wants to change in the industry that goes beyond the contracts signed.
If you look at the statistics most athletes go broke in three or four years.At least just our presence to get all those agents off their ass and let them get up and get to work because those guys were just signing contracts and going home saying, ’10 year contracts, I’m getting paid every year I don’t have to do anything,’” he said. “It was a travesty. They’re just watching guys go broke after four years and these guys don’t even care about their well being. This is egregious. It’s a terrible thing going on and no one is saying anything.”
“They’re signing $80, $90, $100 million contracts and you are going broke? That’s just terrible management. I’m not letting these guys getting taken advantage of and I know it’s going on and I’m not going to say anything or help them. I have this influence, what am I going to do with it? I have to use it.”
Jay Z's influence is so strong, Kevin Durant left his agent to be under Jay Z. He also signed star baseball player Robinson Cano, Skylar Diggins from the Tulsa Shock, highly anticipated Geno Smith and maybe on his way to signing Victor Cruz. Of course Jay Z has major help. Roc Nation sports co-partners  with CAA, who has negotiated more than $1.1 billion in baseball contracts with a guaranteed $50 million or more. These heavyweight companies teaming up will give athletes more endorsement opportunities and possibly more money in future contracts.

As far as the Nets, Jay is done as an owner of the team but still own a share of the Barclays Center and is also a member of the board of directors for the arena. So you will still see Jay Z at the Nets games right next to the bench..

Here's the video for more insight.

Source- Brooklyn Eagle Sports

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