By Kyle Anderson
Updated April 19, 2013 at 02:43 PM EDT
Christopher Polk/Getty Images

Remember when Jay-Z was just a guy who rapped about money and women, and his only business ventures were the stillborn careers of Amil and Freeway? Now he’s a major mogul letting the world know how he plans on making his next few millions.

In an open letter posted on his website, the man born Shawn Carter announced that he is officially selling off his tiny ownership stake in the NBA’s Brooklyn Nets in order to fully (and legally) ensconce himself as a sports agent overseeing the newly-minted Roc Nation Sports. NBA rules prohibit team owners from carrying agent licenses, which is why Jigga had to cash out on his stake (which amounted to roughly one fiftieth of one percent).

“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,” he wrote. “My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever.”

Jay also laid out his goals for 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,” he wrote.

The Nets open up their playoff series with the Chicago Bulls this Saturday night. In addition to working towards his sports agency certification (which is already rankling rival agents), Jay-Z is prepping his summer tour with Justin Timberlake, which kicks off in July.


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