Jay-Z gives up stake in basketball's Nets

Jay-Z has relinquished his ownership of the Brooklyn Nets.

The rapper held minority ownership of the basketball team based in his hometown borough in New York.

He confirmed weeks of speculation on Thursday his financial interest in the club had ended after ten years.

"Being a member of the Nets organisation surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn," the rapper said in an official statement.

Jay continued to thank his colleagues and sports fans, whom he called "the lifeblood of any team".

He also confirmed long held speculation about his ambitions to branch out into sports management. The rapper explained he was required to give up his stake in the Nets in order to pursue new ventures through his company Roc Nation Sports.

"Our newest endeavour is committed to building the brands of professional athletes as we have done for some of today's top music artists," he continued.

"For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it's not about ownership… I will always be a Brooklyn Net."

Jay-Z paid a reported $4.5 million for less than one percent share in the Nets when the business relationship began in 2003.