Jason Kidd’s ugly departure from the Brooklyn Nets hasn’t ended just yet.
When former Nets owner and famed rap star Jay-Z left the NBA ownership game to join the NBA sports agent game, he was forced to sell his shares or risk a conflict of interest between players and teams.
Luckily for him, he found a quick buyer — Kidd, the former Nets player and coach, who assumed Jay-Z’s 1/6th of 1 percent of the Nets, valued today at roughly $2.5 million. But Kidd, who was also forced to sell his shares when he left the Nets to coach the Milwaukee Bucks, is having a bit more trouble finding a buyer. Scott Soshnick of Bloomberg reports that Kidd has formally requested an extension from the NBA to give him more time to sell.
Both Kidd and NBA spokesman Mike Bass declined to comment for the Bloomberg story.
Kidd has no official control or stake of the shares whatsoever. NBA rules dictate that Kidd’s shares were placed in a blind trust, and gave the custodian of the trust 180 days to sell his shares from the date he signed on as Bucks coach, giving him until February to find a buyer, unless the NBA grants him the extension.
Kidd coached the Nets from a 10-21 start to a 44-38 finish, beating the Toronto Raptors in a seven-game first-round series before falling to the Miami Heat. Less than a month later, Kidd reportedly sought more power in the Nets front office (which he has denied on the record). When he was rebuffed, the Nets granted him permission to speak with the Milwaukee Bucks about a coaching position that was not open at the time, and allowed him to terminate his contract in exchange for two future second-round draft picks. The Nets and Bucks are not permitted to make any trades until a year after the deal.
Bloomberg — Jason Kidd Said to Ask for Extension in Selling Nets Stake
