Nine years ago Jay-Z invested $1 million for a minority stake in the then New Jersey Nets. That equates to roughly a one-fifteenth of one percent of the team. It may sound like a small percentage, but the New York Times reports he will make millions through several ventures tied to their new arena, Barclays Center. The stadium was built to accommodate the team's move into Brooklyn, New York. The team now changed its name to the Brooklyn Nets.
Here are five ways Hov will make a significant return on his investment.
1. The Net's new arena, Barclays Center, will open with eight sold out Jay-Z concerts
2. The arena's most exclusive "Vault" suites, for which fans will have to shell out $550,000 a year to have access to, will offer patrons Armand de Brignac champagne. Jay-Z "promotes" and "holds a financial interest" in Armand de Brignac
3. Jay-Z's 40/40 sports bar/club will open a new location at the Barclays Center
4. Rocawear, Jay-Z's clothing line, will have a store at the arena
5. The Nets employ an advertising agency, Translation, which is half-owned by Jay-Z
Jay-Z has contributed to the team in many other ways.
He helped design the team logos and choose the team’s stark black-and-white color scheme, and personally appealed to National Basketball Association officials to drop their objections to it (the N.B.A., according to a person with knowledge of the discussion, thought that African-American athletes did not look good on TV in black, an assertion that a league spokesman adamantly denied). He counseled arena executives on what kind of music to play during games. (“Less Jersey,” he urged, pushing niche artists like Santigold over old favorites like Bon Jovi.) He even coached them on how to screen patrons for weapons without appearing too heavy-handed. (“Be mindful,” he advised oracularly, “and be sensitive.”)
Add to that the fact that having Jay-Z and Beyonce at the arena almost every night makes it hip for the younger crowd to buy tickets and this looks like a win for all parties involved.
“He is it,” developer Bruce Ratner, said in an interview. “He is us. He is how people are going to see that place.”
Sourced from the New York Times and Business Insider
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