Though his influence ranges far and wide within the organization, believe it or not folks, Jay-Z doesn’t own as much of the Brooklyn Nets as you’d be led on to think. A recent New York Times piece uncovered that the rap mogul’s $1 million investment amounts to just one-fifteenth of one percent of the franchise, which means he only has a little more power than us. But there’s more to the story than that.
Apparently Jay-Z wouldn’t talk to reporter David Halbfinger for a recent piece he wrote because he didn’t want to be further exposed allegedly about his minimal ownership in the team, which has been a source of pride. In an interview with The Launch Magazine, the reporter says:
“I would argue with you on the notion of whether it undercuts his right to brag. In a way, you could brag that you had a larger piece of the Nets or you could brag that you’ve turned so much less of a piece of the Nets into so much more in perception. The judo involved in image-making and promotion and perception is reality that he has achieved with such a little percentage is something more to brag about than just putting on a larger chunk of change or having a larger percentage.”
Don’t throw him a pity party though. He will be making plenty of money from the Barclays Center, as it will have a Rocawear store, a 40/40 Club, and a champagne bar that sells his uber-expensive Armand de Brignac line. As usual Jay-Z’s brand recognition makes him a winner despite owning a small stake in the team.