Jay Z Addresses The New York Times Article that Diminished his Accomplishments
In his third Concert at the Barclay Center, Jay Z addressed the story that was written in the NY Times where the article touts Jay-Z’s involvement with the Barclay Center and his role in bringing the Nets to Brooklyn but at the same time continued to reiterate the extremely small stake that Jay-Z actually has in the team.
According to the article, as instrumental as Jay Z was in closing the deal to get the Nets there, he only owns one-fifteenth of a percent of the team. A fact that is repeated over and over throughout the piece,
“All told, he has achieved a remarkable feat of leverage with his tiny sliver of the team, which was reduced from one-third to one-fifteenth of a percent upon Mr. Prokhorov’s purchase of the Nets, according to people aware of the deal terms. (Mr. Carter, who declined to be interviewed for this article, retains a slightly larger sliver of the arena itself — just under a fifth of a percent.)”
However, I think the article was extremely fair as it explained why Jay-Z was working so hard despite his stake. Not that he would get a return on his “sliver” per se, but all that comes with the sliver.
- Free use of 1 of 11 Executive VIP suites that go for $550,000 per year.
- The club will serve Armand de Brignac, a Champagne that Jay Z is invested in.
- The arena will have a 40/40 Club inside
- The arena will have a Rocawear Store inside
- The Nets advertising agency is 50% owned by Jay-Z
The benefits go on and on. The return on the $1 Million dollars that he invested back in 2009, will be 10 fold, not to mention the credibility this entire deal has given him as a businessman. With all that said, Hov still felt the need to address the “sliver”; the one-fifteenth of 1 percent. A number that he alludes is not correct.
I now bring you…..the response…….
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