(CNN) -- After relocating the Brooklyn Nets from New Jersey to his hometown borough this season, Jay-Z announced Friday that he will be selling his stake in the pro basketball team.
Earlier this month, the rapper and entrepreneur launched Roc Nation Sports, a joint-venture sports management agency with Creative Arts Agency.
National Basketball Association rules stipulate that agents can't both represent professional athletes and have a stake in a team. For Jay-Z move forward as an agent, he had to relinquish control of the sports franchise.
Jay-Z, whose real name is Shawn Carter, explained his departure in the following statement:
"Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I'm a Brooklyn Net forever. It's been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team."
The statement continued: "The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today's top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it's not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net."
In the song "N----s in Paris," from his "Watch the Throne" collaboration with Kanye West, proud team owner Jay-Z rapped: "The Nets could go 0-for-82 and I'd look at you like this s--t gravy."
More recently, on "Open Letter," the new song that criticizes the media, he seemed to have signaled what was to come: "Would have brought the Nets to Brooklyn for free, except I made millions off it you f----n dweeb," Jay-Z rapped. "I still own the building, I'm still keeping my seats. ya'll buy that bulls--t, y'all better keep your receipts."
Roc Nation Sports signed New York Yankees all-star second basement Robinson Cano as its first client.