According to the New York Post, Kidd will take over the singer's .067 percent stake in the team for about 500,000 dollars.
The publication's report claimed that the music mogul was forced to sell his shares over a clash of interest after he started a sports agency, 'Roc Nation', whose client list includes Yankee Robinson Cano and Oklahoma City star Kevin Durant.
A source told the publication that other owners wanted to give Kidd a part ownership of the team, and urged Jay to sell his shares to him.
Another report had previously revealed that Jay-Z had helped design the team logos and choose the Nets' stark black-and-white color scheme, and personally appealed to NBA officials to drop their objections to it.
--ANI (Posted on 05-09-2013)