It's official for Jay-Z
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(August 12th) It's official. Jay-Z's role as part owner of the New Jersey Nets has begun today.
The NBA Board of Governors unanimously approved the sale of the New Jersey Nets today (Thursday) to an ownership group that includes the rapper.
In January, the group, led by developer Bruce Ratner, had its $300 million offer accepted by the New Jersey Nets, however the sale still needed approval from the league.
Ratner recruited Jay-Z and a number of prominent Brooklynites with the idea of moving the franchise from the swamps of New Jersey to downtown Brooklyn. He plans to build a 19,000-seat arena in time for the 2006-2007 NBA season as part of a $2.5 billion development project, although the plan faces community opposition.
Last month, Nelly became an investor in the ownership group that runs the Charlotte Bobcats expansion NBA franchise, led by former BET owner Robert Johnson. The 2004-2005 season will be the Bobcats' first.