Buzzing on Yahoo Sports:

Report: Kidd to buy Jay Z's stake in Nets

The SportsXchange

Jason Kidd will not only coach the Brooklyn Nets, but he'll own a stake in the team as well, according to a report.

Kidd is buying half of Jay Z's minority share of the team for about $500,000, the New York Post reported Wednesday. Jay Z's stake in the franchise is about 1.6 percent, which means Kidd would own less than 1 percent.

With Jay Z founding Roc Nation Sports and becoming a licensed sports agent earlier this year, he had to sell his small portion of the team according to NBA rules. The rest of Jay Z's shares were sold to an existing minority owner, the Post reported.

Russian Mikhail Prokhorov is the majority owner of the Nets, who are valued at approximately $600 million. He bought the team in 2009 and holds 80 percent of the shares.

Kidd, a former point guard for the Nets, is permitted under NBA rules to have an ownership stake in a team, but players are not allowed to do so. Kidd retired as an active player after last season.

The Nets did not comment on the report.

Win cash prizes, pick a fantasy roster for just one day, join in minutes!

Learn how to play

Contest Entries Entry Fee Prizes Starts (EDT)
NBA $15K Tournament [$2K to 1st] 1000/3410 $5 $15000 Today 7:00 PM Enter
NBA $10K Tournament [$1K to 1st] 135/454 $25 $10000 Today 7:00 PM Enter
NBA $7K Tournament [$700 to 1st] 2778/7954 $1 $7000 Today 7:00 PM Enter
View Comments (2)