10:13am: Jay Z is only selling half of his stake to Kidd, and will sell the other half to a current minority owner, according to Nets Daily, adding that Shawn Carter actually owned one-sixth of one percent of the team. Those numbers would make a little more sense, since the rapper reportedly invested $1MM in the team initially.
9:28am: When Jay Z officially became a certified NBA agent this summer, it became necessary for the rapper and entrepreneur to divest himself of his small stake in the Nets. And according to a New York Post report, the team's new minority owner will be another familiar face: head coach Jason Kidd. Sources inform the Post that Kidd will take over Jay Z's stake in the Nets (just 1/15th of one percent) for about $500K.
"Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him," a source told the Post.
Considering how quickly the Nets moved to bring Kidd back to the franchise following his retirement as a player, it doesn't come as a huge surprise that the club is interested in involving him in the ownership side of things as well. It's certainly a signal that Brooklyn is comfortable investing in the first-time head coach though.