Evening News: Kidd buys portion of Jay-Z’s share with Nets; Mullin joins Kings front office

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. Jay-Z

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. Chris Mullin

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.

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  1. jerry25 says

    Actually JKidd was reported to be buying 1/2 of Jay-Z’s stake in ownership, with another (unnamed) current part owner receiving the rest. It was Kidd who originally convinced Jay-Z to buy a stake in the Nets, back in 2003 – The circle is now complete.

    Its not clear what Jay-Z paid back in 2003, but it may have been as little as $100,000. His 1/6 of 1 percent share was sold for about $1 million between the two buyers. Since his 1/ 0.0016 stake garnered $1 million, it can be estimated that the Nets would be worth about $625 million at this time (a Huge profit for Prokhorov who owns 80% of the team). However Jay-Z mentioned he didn’t wait to get the best price, so the Nets could be worth much more. (Info courtesy of NetsDaily Blogs)

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