Jay Z Set To Get $1.5 Million For His Barclays Center Stake21 sept. 2013
Jay-Z has to unload his ownership interests in the Brooklyn Nets and the Barclays BCS -2.4% Center due to his new sports agency, Roc Nation Sports. Roc Nation Sports’ roster includes Robinson Cano of the New York Yankees, Skylar Diggins of the WNBA, the Oklahoma City Thunder’s Kevin Durant, and Victor Cruz of the New York Giants.
The rapper has already begun selling his stake in the NBA team, getting $500,000 from Nets head coach Jason Kidd for his one-fifteenth of one percent. The sale to Kidd values the Nets at $750 million, and is the second-highest price paid for NBA team. Vivek Ranadive sold his interest in the Golden State Warriors at a grossed-up value of $800 million so he could buy the Sacramento Kings.
Jay-Z owns slightly less than one-fifth of one percent of the Barclay Center. New York City recently appraised the Barclays Center–based on its potential income–to be worth $741 million. That works out to about $1.5 million for Jay-Z’s stake.
But he could get even more, given the huge success of the arena. 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.
Article by: Mike Ozanian