*An article posted two months ago in the New York Times outlined just how much of an ownership stake Jay-Z has in the Brooklyn Nets. Writer David Halbfinger crunched the numbers and concluded that the mogul owns .067 or 1/15 of one percent of the team.
The article took a tone that downplayed his actual ownership, which Jay-Z finally addressed during his 3rd night of an 8-concert stand at the new Barclays arena.
“We still got a long way to go because everybody wanna diminish your accomplishment,” he told the sold-out crowd. “When I look at the paper and I see them talking, ‘Ehh.. he owns one-fifteenth.’ First of all, I don’t know where they get that number from but I’m cool with it. I know it’s not about me, it’s about y’all. What I mean by that is, it’s not personal to me. They know that if you see me standing here that you know it’s possible to achieve great things. Don’t let anybody diminish your accomplishments. It’s our motherf-cking time now.” [Scroll down to watch.]
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Halbfinger, meanwhile, has defended his NYTimes piece, reports Atlanta Blackstar.
“It’s very simple. He invested $1 million and that was out of a $300 million purchase price. That’s one-third of one percent, period. End of story.”
Despite the criticism over his ownership no one is contesting that Jay has found a way to increase the return on his small investment, notes Atlanta Blackstar.
According to Forbes, “suite owners will have access to a Champagne bar serving Armand de Brignac, an expensive bubbly that Mr. Carter promotes and in which he holds a financial interest. The arena will contain a 40/40 Club, an iteration of his sports-bar-style nightclub chain. There will be a Rocawear store, selling his clothing line, on the arena’s exterior and advertising agency Translation was hired by the Nets, Jay owns half.”