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Report: Jason Kidd to buy half of Jay Z's stake in the Nets

By Royce Young | NBA writer

Kidd is ready to go back to the Nets but to coach. (USATSI)
Jason Kidd is part owner of the Nets now. (USATSI)

Jason Kidd is about to be a coach-owner.

According to the New York Post, Kidd is set to buy half of Jay Z's minority share of the Nets. Reminder: Jay Z only owned about 1.6 percent of the team, so Kidd's share is going to be pretty slim.

With Jay Z moving into the sports agent world, because of league rules he also has to sell his stake in the team. He's officially a licensed agent now, but has agreed to get his share sold. And he's found a partial buyer in Kidd, and sold the rest to an existing minority owner in the team.

Russian mogul Mikhail Prokhorov is the primary owner (80 percent).

Kidd's share is said to have cost him $500,000. League rules state that coaches can own stakes in the team; players cannot.

Via Nets Daily, the transaction brings everything kind of full circle. Jay Z originally bought his share of the team at the suggestion of Kidd in 2003, who at the time was the franchise's All-Star point guard.

The Nets are valued at around $600 million, but will have a $102 million payroll this season with a near $90 million luxury tax bill. Get your checkbook ready, J-Kidd.

 
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