Jay Z to Receive $1.5 Million for Stake in Barclays Center
Because of a conflict of interest, Jay Z is now also selling his ownership stake in the Barclays Center in his native Brooklyn but not without making some extra paper off the deal.
According to Forbes, Hov stands to make $1.5 million from selling his ownership stake, which is about one-fifth of 1 percent. That might not seem like much, but he originally invested a total of $1 million in the Brooklyn Nets (and as a result the sports arena) back in 2004.
Since then, Jay was also forced to sell his stake in the team, which was about one-fifteenth of 1 percent, to new coach Jason Kidd. He got about $500,000 for that deal.
For those that don’t like doing math (or are simply confused by the convoluted nature of this news), Jay stands to make at least $1 million when all is said and done. Forbes reports that his stake in the Barclays Center could go up given the arena’s success and top-earning income this year.
The whole conflict of interest thing came about because Jay recently launched his own sports representation agency, Roc Nation Sports.