Report: Jason Kidd to buy half of Jay Z's stake in the Nets
Coach Jason Kidd is also going to be owner Jason Kidd, as he'll set to buy a small share of the Nets from Jay Z.
Jason Kidd is about to be a coach-owner.
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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