Hov!!! Even when this guy is forced to do something, he does it big! Lol. Earlier this week we learned that Jay Z sold his stake in the Brooklyn Nets to Jason Kidd. Now we have what that means broken down into more detail. Report after the jump…
Via Mike Ozanian at Forbes.com:
The Brooklyn Nets are now worth $750 million, 150% more than Bruce Ratner paid for the NBA team in 2004, and more than double what billionaire Mikhail Prokhorov paid in 2010.
At least that is what the math says when you gross up the $500,000 Jason Kidd is paying rapper Jay-Z for one-fifteenth of 1% of the team (the rapper’s sliver of the Barclays Center is not included). In January, we valued the Nets, who are hemorrhaging money, at $530 million.
The deal would be the second most ever paid for an NBA team.Vivek Ranadive sold his interest in the Golden State Warriors at a grossed-up value of $800 million before so he could buy the Sacramento Kings.
Still, it appears Kidd made a good investment.
(Story Continues…)
