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Jay-Z opens sports agency, signs Robinson Cano. If he signs NBA players, he'll have to sell Nets stake.

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Robinson Cano via Twitter

Jay-Z announced Tuesday that he has set up a sports agency and has signed Robinson Cano of the Yankees as its first client. Representing major league baseball players does not present a conflict for the Nets minority owner, but if he branches out into repping NBA players, he will have to sell his stake in the Nets. He also holds a stake in Barclays Center, on whose board he sits. He would not have to relinquish his arena stake, says the NBA.

“There is no prohibition on NBA owners having an interest in businesses that represent non-NBA athletes," NBA spokesman Mike Bass told USA Today's Jeff Zillgitt. As long as Jay-Z does not represent NBA players he can keep his ownership stake in the Brooklyn Nets, per Bass. Rich Calder of the Post reports that the hip-hop mogul wouldn't have to give up his stake in Barclays Center or leave the arena's board of directors.

Roc Nation, Jay-Z's entertainment company, announced the creation of Roc Nation Sports, which will rep professional athletes through a partnership with Creative Artists Agency (CAA). Roc Nation Sports simultaneously announced that its first client is Cano. Roc Nation released a photo of Cano and Jay-Z signing the representation contract. Jay-Z is wearing his Nets cap.

ESPN, quoting source, reports that Jay-Z himself is planning to be a certified agent, first in baseball and eventually in basketball and football. In order to represent clients in basketball, he would have to give up his small share of the Brooklyn Nets. Jay-Z reportedly owns one-fifthteenth of one percent of the Nets, down from an original stake of 1.47 percent. Varying reports put his investment at between one and four million dollars.