Jay-Z Is A Part-Owner Of New Jersey Nets
The NBA Board of Governors unanimously approved the sale of the New Jersey Nets to an ownership group that includes the rapper Jay-Z. The group of investors, led by developer Bruce Ratner, had its $300 million offer accepted by the New Jersey Nets.
MTV News reported that "Ratner recruited Jay-Z and a number of prominent Brooklynites with the idea of moving the franchise from the swamps of New Jersey to downtown Brooklyn. He plans to build a 19,000-seat arena in time for the 2006-2007 NBA season as part of a $2.5 billion development project, although the plan faces community opposition."