Jay Z sells Barclays Center stake as well as Nets

RocNation

Forbes is reporting that Jay Z is selling his stake in Barclays Center as well as the Nets. Jay Z sold his 0.16 percent stake in the Nets to Jason Kidd and another investor who wishes to remain anonymous.  Now, he will sell his slightly larger stake in the arena for $1.5 million or more. The rap mogul reportedly paid $1 million for interests in the team and arena.

Forbes put the value of the Nets at $750 million, based on how much Kidd received for his stake in the team. Mike Ozanian of Forbes also noted that New York has assessed Barclays Center at around the same $741 million.  If those valuations are accurate, Mikhail Prokhorov's 80 percent stake in the Nets is worth $600 million and his 45 percent stake in the arena at $333 million. Prokhorov also holds arena construction bonds worth more than $100 million.

Ozanian reports that Jay Z may be able to get more for his stake in the arena because of its success...

"Through the first half of this year the Barclays Center was the top-grossing venue in America. And Forest City Enterprises, which owns 55% of the arena through its Nets Sports and Entertainment subsidiary, booked net operating income of $10.8 million for the arena through the first six months of 2013."

Ozanian did not predict when Jay Z would sell his interest.  Jay Z has to sell his interests in order to get certified as a sports agent.

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