Jay Z To Sell His Share Of Barclays Center
Posted by Joseph Lee on 09.19.2013
Getting out of the arena business for now...
Forbes reports that Jay Z is going to sell his ownership interest in the Brooklyn Nets and the Barclays BCS -1.17% Center because of his new sports agency, Roc Nation Sports. The roster includes names like Robinson Cano of the New York Yankees, Skylar Diggins of the WNBA, the Oklahoma City Thunder's Kevin Durant, and Victor Cruz of the New York Giants.
He has already sold part of his stake in the team, getting $500,000 from Nets head coach Jason Kidd for his one-fifteenth of one percent. The Nets are valued at $750 million, the second-highest price paid for an NBA team. Vivek Ranadive sold his interest in the Golden State Warriors for $800 million so he could buy the Sacramento Kings.
Jay Z owns less than one-fifth of one percent of the Barclay Center. New York City recently appraised the venue's value as $741 million. This means Jay Z's portion is worth about $1.5 million.
Through the first half of the year, the Center was the highest-grossing venue in America, which means he could get more. Forest City Enterprises, which owns 55% of the arena through Nets Sports and Entertainment, booked the net operating income of $10.8 million for the first six months of the year.