JAY Z COMFIRMS SALE OF BROOKLYN NETS OWNERSHIP.

The rapper-mogul has announced that he is dropping his minority stake in the Brooklyn Nets in order to focus on building his newly formed sports agency, Roc Nation Sports, to represent today's best and brightest athletes.

On Thursday, Beyoncé's husband posted a statement on his website, as he vowed to remain a "Brooklyn Net forever" despite relinquishing his ownership of the team.

"Being a member of the Nets organization surpassed some of my greatest ambitions," he wrote. "It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I'm a Brooklyn Net forever. It's been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team."