The inaugural World Basketball Festival kicks off August 12 and what better way to celebrate than with a special performance by Jay-Z at New York's Radio City Music Hall? Hov will perform after an appearance from the United States' Men Basketball World Championship Team that is currently in NYC training for the championships.

"We're excited to bring together the international prestige of Jay-Z and the USA Team on stage at famed Radio City Music Hall to open the first World Basketball Festival. This will be a historic night," said Trevor Edwards, Nike VP Global Brand and Category Management, who is sponsoring the event.

Nike is handling most of the ticket distribution for the event and is apparently targeting New York area community groups and charitable organizations. The entire performance will stream live on beginning at 6:30PM EDT until its conclusion.

And that's not all for Jay, either. He's collaborating with Nike on a new, limited-edition pair of Air Force 1s that continue his "all black everything" theme from the 'Blueprint 3' promotional rounds.

"We're also honored to collaborate with Jay-Z on limited edition Air Force 1s that celebrate the countries participating in this inaugural event," said Edwards. Apart from the U.S., China, France and Brazil will participate in the festival before the four countries square off in exhibition matches this Sunday (Aug. 15).