Kidd buys a small % of the Nyets! Dude got buy in now! He got what Rile could not get with Knicks.
Report: Kidd to buy Jay Z's stake in Nets
The Sports Xchange
Reuters
11:53 AM EDT, September 4, 2013
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Jason Kidd will not only coach the Brooklyn Nets, but he'll own a stake in the team as well, according to a report.
Kidd is buying half of Jay Z's minority share of the team for about $500,000, the New York Post reported Wednesday. Jay Z's stake in the franchise is about 1.6 percent, which means Kidd would own less than 1 percent.
With Jay Z founding Roc Nation Sports and becoming a licensed sports agent earlier this year, he had to sell his small portion of the team according to NBA rules. The rest of Jay Z's shares were sold to an existing minority owner, the Post reported.
Russian Mikhail Prokhorov is the majority owner of the Nets, who are valued at approximately $600 million. He bought the team in 2009 and holds 80 percent of the shares.
Kidd, a former point guard for the Nets, is permitted under NBA rules to have an ownership stake in a team, but players are not allowed to do so. Kidd retired as an active player after last season.
The Nets did not comment on the report.
1/6 of 1% is virtually nothing.
martin wrote:Nalod wrote:ChuckBuck wrote:1/6 of 1% is virtually nothing.
$500,000=Nothing?
relative to $600M?
So why did Kidd take out his checkbook and do it?
Power? Naw. Not much.
Money? Gonna guess Jason worth 50-100mm.
If Franchise value goeup 20%, he makes 20% on his money.
Symbolic buy in of unity and presence?
Maybe.
On a $600mm franchise, thats is worth something!!!!!
Martin or chuckbuck, quick question: Is your "Nothing" worth 500k?
Nalod wrote:martin wrote:Nalod wrote:ChuckBuck wrote:1/6 of 1% is virtually nothing.
$500,000=Nothing?
relative to $600M?
So why did Kidd take out his checkbook and do it?
Power? Naw. Not much.
Money? Gonna guess Jason worth 50-100mm.
If Franchise value goeup 20%, he makes 20% on his money.
Symbolic buy in of unity and presence?
Maybe.
On a $600mm franchise, thats is worth something!!!!!
Martin or chuckbuck, quick question: Is your "Nothing" worth 500k?
These are millionaires Nalod, to scale to lowly regular people like us, it'd be like investing like a grand or so.
ChuckBuck wrote:1/6 of 1% is virtually nothing.
which i was trying to tell folks, when jay z kept jocking this ownership crap.... dude doesn't even own enough of the team to get a free hot dog at the game.. I mean come on.. some of these celebrity cats are hilarious.. pretentious as hell..
jay z was the nets mascot.. pretty much..
Nalod wrote:martin wrote:Nalod wrote:ChuckBuck wrote:1/6 of 1% is virtually nothing.
$500,000=Nothing?
relative to $600M?
So why did Kidd take out his checkbook and do it?
Power? Naw. Not much.
Money? Gonna guess Jason worth 50-100mm.
If Franchise value goeup 20%, he makes 20% on his money.
Symbolic buy in of unity and presence?
Maybe.
On a $600mm franchise, thats is worth something!!!!!
Martin or chuckbuck, quick question: Is your "Nothing" worth 500k?
first of all I doubt kidd is worth 50-100 mil.. dude had a divorce and those guys spend more than they make.. between that and taxes, I doubt it..
as far as martin and chuck go. I don't think they were trying to indicate that 500k, was nothing.. but relative to 600 mil it is nothing nalod.. doesn't matter if none of us on here have 500k or 500 pennies.. relatively speaking 500k is peanuts when it comes to 600 mil..
put it this way.. if any of us wanted to invest 500k in the nets, proky probably tells us to keep our money.. he doesn't need it, and he pretty much let jay z buy in because of his celebrity and kidd of course because he is now coach....
tkf wrote:ChuckBuck wrote:1/6 of 1% is virtually nothing.
which i was trying to tell folks, when jay z kept jocking this ownership crap.... dude doesn't even own enough of the team to get a free hot dog at the game.. I mean come on.. some of these celebrity cats are hilarious.. pretentious as hell..
jay z was the nets mascot.. pretty much..
when you purchase such a small percentage, you are not an owner but an investor. BIG DIFFERENCE, like upper and lower case letters.
Why didn't JKidd sign with the nets last season instead of us? Doesn't really make sense, especially since he gave up the money we signed him for.
Dude has buy in, not ownership.
Riley had ownershop!!!!!!
Buy in is also putting your money where your mouth in.
He can still get fired, but I like the move, even if its symbolic!
smackeddog wrote:Why didn't JKidd sign with the nets last season instead of us? Doesn't really make sense, especially since he gave up the money we signed him for.
Because he thought he still had something left in the tank.
NYKBocker wrote:smackeddog wrote:Why didn't JKidd sign with the nets last season instead of us? Doesn't really make sense, especially since he gave up the money we signed him for.
Because he thought he still had something left in the tank.
And he didnt wanna sign a vets min deal.
We had the mini mle, the Nets used theirs on teletovic.
so he got 3 mil for one year which is more than a vets min.
it might be 'nothing' but it's a good buy either way.
and it's not 'nothing'.
Magic Johnson getting 4% ownership or $10 million worth in the Lakers back in the 90's...now that's buy in!
Not this bullshyt.
ChuckBuck wrote:Magic Johnson getting 4% ownership or $10 million worth in the Lakers back in the 90's...now that's buy in!Not this bullshyt.
nets are a billion dollar team in a few years!
When you are with Russian Mafia you mast participate... even symbolically... but have to...
"in russia you don't buy team, team buy you!"
Ahhh, another exciting day at the Barclay Center. Did they put up a big poster on a building yet?
When Kidd get's fired or goes back to coach Phoenix next season, who's next?
The bigger question is why hasn't the Moz been even sniffed at by the Nyets?
jrodmc wrote:The bigger question is why hasn't the Moz been even sniffed at by the Nyets?
Because they haven't figured out a way to circumvent the salary cap on a player who's rights belong to another team yet.
It is the same bullcrap that allows Chinese companies to outbid US companies based on slave labor and lax human rights and worker rights at home.
Russia is what the US would have turned into had the Mob taken over the whole country after prohibition...
