Monday, September 23, 2013

"Veni, Vidi, Vendidi": Jay-Z Selling His Stake in Barclays Center

He came, he saw, he sold out.  Just a year ago, Jay-Z sold out the Barclays Center 8 nights in a row in an unprecedented concert series to open the new stadium.  Now he's selling his "slightly less than" one-fifth of 1% stake in the Barclays Center to make way for his sports agency.  Apparently if you own stake in a stadium or team AND you represent athletes, it's a no-no.  Wouldn't be the first time Jay got caught up in conflicts with his Nets ownership stake.  They were fined $50,000 in 2011 for him hanging out with "amateur" Kentucky college athletes ineligible for the draft.  

The Barclays stadium reportedly cost a billion to build, and was recently appraised at $741M (and you thought YOU'RE appraisal came in low!), but the sale will still get Jay-Z a cool $1.5M.  AKA, a slow month for his ~$500M (and growing) empire

Jay-Z was also forced to sell his 1/15th of 1% stake in the Nets organization, which went for some $500K to ex-Net player Jason Kidd.  Kidd, dormant in the NBA Playoffs this spring for the Knicks, quickly became the Nets new coach, with less than encouraging headlines:

Interesting to see the man who bragged, "No, I'm not a Jonas / Brother, I'm an owner" selling his stake, presumably because he's more bullish on the sports agency game.  Already has Yankees star Robinson Cano locked up, and top NBA star Kevin Durant.

In his latest album, Jay-Z brags, "Would've brought the Nets to Brooklyn for free / Except I made millions off it, you ****** dweeb."  Groundbreaking was just three and a half years ago...

Jay-Z's proving that these townhouse developers aren't the only ones doing quick flips in Brooklyn.

1 comment:

  1. +$3,624 profit last week...

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