As reported on MTV.com…Last week it was revealed that P. Diddy was looking into buying his own basketball team, but now Jay-Z has one-upped his fellow hip-hop mogul — he’s actually making the move to do so. Jay-Z has joined an investment group that has put in a bid for the NBA’s New Jersey Nets. The investors, led by Brooklyn developer Bruce Ratner, intend to move the team from Newark, New Jersey, to the borough of Brooklyn, Jay-Z’s hometown. Ratner’s group is considered to be the front-runner to buy the Nets from George Steinbrenner’s YankeeNets company, with a bid estimated at $250 million. An announcement is expected by the All-Star break in February.
Dressed in a black suit with a white button-up shirt and no tie, Jay made his announcement at a press conference to unveil Ratner’s plans for a downtown Brooklyn arena designed by famed architect Frank Gehry. New York Mayor Michael Bloomberg and Brooklyn-born basketball star Bernard King were also in attendance. It had been reported that Jay-Z retained an investment bank to explore the possibility of putting in a bid for the Nets. But in recent weeks Jay has had a series of meetings with Ratner and his fellow investors, with both sides strategizing on how Jay’s involvement could enhance their bid.
