Kidd buys stake in Brooklyn Nets
(The Sports Xchange) – Jason Kidd will not only coach the Brooklyn Nets, but he’ll own a stake in the team as well, according to a report.
Kidd is buying half of Jay Z’s minority share of the team for about $500,000, the New York Post reported Wednesday. Jay Z’s stake in the franchise is about 1.6 percent, which means Kidd would own less than 1 percent.
With Jay Z founding Roc Nation Sports and becoming a licensed sports agent earlier this year, he had to sell his small portion of the team due to NBA rules. The rest of Jay Z’s shares were sold to an existing minority owner who was not named, the Post reported. Russian Mikhail Prokhorov is the majority owner of the Nets, who are valued at approximately $600 million. He bought the team in 2009 and holds 80 percent of the shares. After missing the 2012-13 NBA season because of a heart condition, Channing Frye says doctors have cleared him to return to the court. Frye was diagnosed with an enlarged heart that prevented him from doing any cardio workouts, leavi
ng him uncertain that he would be allowed to play basketball again. But he resumed exercising a few months ago and now is ready to play.
Frye, who received his salary last year through insurance and is due to make $6.4 million this season, now has to wait for the team to clear him to return.
The 6-foot-11 forward-center has career averages of 9.7 points and 5.2 rebounds per game with the New York Knicks, Portland Trail Blazers and Suns. The 30-year-old averaged 10.5 points and 5.9 rebounds during the 2011-12 season for the Suns.