Last week, rumors broke out that Jay-Z was expected to sell his stake of ownership in the Brooklyn Nets in order to pursue the sports agency business. Well it looks like those rumors were true as Jay-Z announced today he indeed has sold his stake of the Nets.

Earlier today, Jay-Z took to his website to make an official statement and reveals he will no longer have stake in the Brooklyn Nets. Jay-Z even made mention of this situation in his latest release "Open Letter". However, Jay took to his website earlier and had this to say: 

"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. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.

The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on 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. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net." 

Best of luck to Hov on his future endeavors. [Via]