does jay z own the nets basketball team
Jay-Z Jay-Z serves as co-brand director for Budweiser Select and collaborates with the company on strategic marketing programs and creative ad development. He provides direction on brand programs and ads that appear on TV, radio, print, and high-profile events.[129] He is also yet to expand his 40/40 Club sports bar in as many as 20 airports, as he makes deals with his business partners, Juan and Desiree Perez.[130] He is a part-owner of the Brooklyn Nets NBA team, having paid a reported $4.5 million for his share, which declined in value to $350,000 in April 2013.[131] He encouraged the team's relocation to Brooklyn's Barclays Center (from New Jersey) in the 2012–2013 season, at which point the team took on the Brooklyn Nets moniker.[132][133] In October 2005, he was reported in English media as considering buying a stake of Arsenal F.C., an English soccer team.[134] He has also invested in a real estate development venture called J Hotels which recently acquired a $66 million mid-block parcel in Chelsea, New York. Jay-Z and his partners are contemplating constructing a high-end hotel or an art gallery building on the newly acquired site which has the potential to go up about twelve stories.[135] Through his conglomerate company Gain Global Investments Network LLC, he had an interest estimated between 2 and 7% in the Aqueduct Entertainment Group (AEG) consortium, which in January 2010 was awarded a contract to operate a 4,500 slot machine racino at the Aqueduct Race Track. Jay-Z became interested in the project after New York Governor David Paterson who awarded the contract said there had to be an affirmative action component to the ownership. Jay-Z initially approached by casino mogul Steve Wynn who was also bidding on the contract. On March 9, 2010, Jay-Z and Flake withdrew from the project and Paterson recused himself from further involvement.[136][137]