Jay-Z submits winning bid to buy New Jersey Nets. The retiring rapper is part of a consortium that will now try to move the NBA team to Brooklyn

By Gary Susman
January 23, 2004 at 05:00 AM EST

Does this mean that Roc-a-Wear will be designing the team jerseys? Jay-Z moved one step closer to his dream of owning an NBA basketball team on Wednesday when the current owners of the New Jersey Nets accepted a bid from a group that includes the retiring rapper. According to MTV News, the consortium led by real estate developer Bruce Ratner, which includes Jay-Z as an investor, offered $300 million as their winning bid for the team. Now, the group plans to move the team to Jay-Z’s hometown of Brooklyn.

The deal still has to be ratified by YankeeNets, the team’s holding company, though that could happen as early as Friday. The NBA also has to approve the deal, which might take a month. There are also potential difficulties in moving the team to Brooklyn; many local businesses and homeowners are expected to protest being displaced by the arena that the Ratner group has planned. Still, Brooklyn hasn’t had a major league sports franchise since baseball’s Dodgers decamped to Los Angeles in 1957. And maybe Jay-Z can get Beyoncé to sing the national anthem at home games.