Jay Z sells half of his stake in the Brooklyn Nets to new coach Jason Kidd

Basketball player Jason Kidd, left, rapper Jay-Z and basketball player LeBron James attend a benefit for the LeBron James Family Foundation at the Ralph Lauren mansion, Wednesday, Sept. 10, 2008, in New York. (AP Photo/Andy Kropa)

Jason Kidd is already the head coach of the new-look Brooklyn Nets, and now he will be a partial owner of the team as well.

According to the New York Post, Jay-Z is selling half of his shares of the team to the freshly minted head coach.

Jay-Z, whose real name is Shawn Carter, initially owned .1608% of his hometown team, but was forced to sell all his shares in order to become a certified sports agent. The other half of Jay’s stake has already been purchased by a minority owner of the team.

Kidd will pay approximately $500,000 for a .067% share of the Nets. Kidd’s stake will include part of the recently built Barclay’s Center.

Interestingly enough, the sale does not represent the first time the two have discussed basketball business. In fact, it was Kidd that first suggested that the music superstar buy into the Nets at his birthday party in 2003.

Kidd has a long history with the Nets, most notably leading them to back-to-back Finals appearances in 2002 and 2003.

“Other owners want to give Jason a part ownership of the team, and urged Jay to sell his shares to him,” a source told the New York Post.

The deal must still clear with the NBA offices, but there should not be any issues as, unlike players, coaches can own part of a team.