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.