According to Adrian Wojnarowski of Yahoo! Sports, Brooklyn Nets minority owner Jay-Z has begun divesting his shares of the Nets franchise, clearing a path for his new sports agency (Roc Nation Sports) to represent clients in basketball.
There is currently no timetable for Jay-Z -- real name Shawn Carter -- to complete this process, but there's a good chance that Roc Nation Sports will be able to compete for players entering this June's draft, according to Wojnarowski:
The process is expected to be completed in time for Roc Nation to compete for players entering the June NBA draft, but there's no guarantee of the timing, sources said. Those within Roc Nation and the CAA alliance aren't "chasing a clock on this," one source said. "This isn't about one draft, but taking the long view of the business."
Rival agents are anxious over the possibilities of Jay-Z on the recruiting trail, believing the lure of his iconic business and cultural standing will have a major impact on attracting top prospects and current league stars.
CAA and Jay-Z are taking time to carefully formalize the arrangement on the basketball end, sources told Y! Sports, and are sensitive to making sure he exits the Nets partnership in a way that is respectful to the organization.
Among NBA, NBPA and Nets constituencies, there are several hurdles to overcome before a formal announcement will be made. Nevertheless, none are significant and Jay-Z's certification as a player agent is a mere formality.
Jay-Z opened Brooklyn's Barclays Center on September 28th with the first of eight concerts in nine nights.