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Jay-Z, has relinquished his stake in the Brooklyn Nets so he can qualify for sports representation and the creation of Roc Nation Sports. In an open letter posted on LifeandTimes.com, he explained his decision to move on from the team.

“My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. Thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.

Jay-Z explained that Roc Nation is expanding to include sports representation and the creation of Roc Nation Sports.

“Our newest endeavor is committed to building the brands of professional athletes as we have done for some of the today’s top music artists.”

According to NBA guidelines, agents cannot hold ownership stakes in teams. Jay-Z said, “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.”

Roc Nation Sports has one confirmed client in Robinson Cano. New York Yankees second baseman. Cano said, “At this point in my career, I am ready to take a more active role in my endeavors both on and off the field. I am confident that the pairing of Roc Nation Sports and CAA Sports will be essential in helping me accomplish my short and long term goals.”