In today’s breaking news, Nets head coach Jason Kidd buys his ticket onto his organization’s ownership team.
Kidd buys portion of Nets
ESPN.com’s Darren Rovell reports that Jason Kidd will buy a portion of Jay-Z’s ownership share with the Brooklyn Nets.
Though unusual, the NBA does not have a rule forbidding coaches from owning stakes in teams. Kidd, who hung up his sneakers at the beginning of the summer after 19 years of playing, is reportedly buying 1/6th of one percent ownership of the team for $500,000 dollars, per NetsDaily.
Per league rules, Jay-Z had to sell his stakes with the team after he decided to become a sports agent in April. The NBA forbids players or agents from doubling as owners and the rapper was ready to advance his career.
Jay-Z’s Roc Nation represents athletes such as Kevin Durant, Robinson Cano, and Geno Smith.
Kidd is not the first employee of a team to buy a stake in the organization’s ownership. Earlier in the summer, in fact, Timberwolves president of basketball operations Flip Saunders bought a minority share with Minnesota.
Mullin joins Kings‘ front office
According to ESPN’s Marc Stein, Chris Mullin will be joining the Sacramento Kings’ new-look front office.
Kings’ owner Vivek Ranadive has close ties to Mullin from their days together in the Warriors organization. Both Ranadive and Kings GM Pete D’Alessandro have been recruiting the two-time gold medalist to work in a senior advisory role.
D’Alessandro’s first break into NBA management came when he was hired to assist Mullin, who, at the time, was Golden State’s president of basketball operations.
Ranadive was reportedly sold on the idea of hiring D’Alessandro earlier this summer after Mullin gave the GM an impressive recommendation.
“[Mullin] told me Pete’s the smartest guy out there,” Ranadive admitted.