Nets update: Yormark says "nothing but a championship" will be accepted; Jay-Z's team share sold to J-Kidd
Kevin Garnett and Brett Yormark spoke at a NBA press conference in Beijing, their second joint appearance in two days, and the two echoed the dual themes they had pushed the night before at a dinner for Chinese executives: The Nets plan on winning a championship and want to be a global team. Yormark put the championship at the top of the list, saying it's not just a goal. Anything less is unacceptable.
"Our two biggest goals right now are to win championships and to be a global team. And in order to do that we needed to bring players like Kevin Garnett, Paul Pierce and Jason Terry to Brooklyn," Yormark added. In a closing statement, the Nets CEO added, "Nothing but a championship is going to be accepted."Jay-Z's share to J-Kidd
The NY Post's Page 6 reported:
Jay Z is selling his minority ownership in the Brooklyn Nets to coach Jason Kidd, sources exclusively tell Page Six.NetsDaily added some clarification:
We’re told Kidd will take over Jay’s .067 percent (1/15th of a percent) stake in the team for about $500,000.
The move comes as Jay was forced to sell his Nets shares over a conflict of interest after he started a sports agency, Roc Nation, signing clients including Yankee Robinson Cano and Oklahoma City star Kevin Durant.
A source told us, “Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him.”
Amazingly, Jay was introduced to the team in 2003 by Drew Katz , the son of one of the Nets’ principal owners, after Kidd, then the Nets’ marquee point guard, suggested the music mogul buy the team.
The New York Post first reported the news on Page Six, saying Kidd was purchasing all of Jay Z's stake. However, one source, who has knowledge of the transaction, told NetsDaily Kidd is buying half the entertainer's shares.
According to this source, Jay Z controlled 0.1608 percent of the Nets, or roughly 1/6 of 1 percent through Nets Sports and Entertainment (not 1/15th of one percent, as reported by the Times last year and the Post Wednesday.)