As Def Sounds previously reported, Jay-Z launched a sports representation agency, Roc Nation Sports, through a partnership with CAA (Creative Artists Agency).

At the time of the initial report, it was noted that sources close to Hov revealed that the rapper himself was planning to become a certified sports agent, first in baseball and eventually in basketball.

When Jay’s plan moves forward and he begins to represent NBA players, he would have to give up his ownership role with the Brooklyn Nets as NBA rules state that no one affiliated with a player representation company can have any share of ownership with an NBA team.

Now, the time has come for Jay-Z to sell his share of the Nets as he plans to get his NBPA certification as an agent.

As reported by YahooSports, Jay-Z will sell his less than 1 percent ownership of the Brooklyn Nets with hopes to become a certified NBA agent in time for the draft in late June.

According to Yahoo’s Adrian Wojnarowski‘s report:

Jay-Z has started the process of divesting his small share of ownership with the Brooklyn Nets to extend his Roc Nation Sports representation business into sources told Yahoo! Sports.

Jay-Z – whose real name is Shawn Carter – owns less than 1 percent of the Nets, but has been a central public figure in the franchise’s marketing and move from New Jersey to Brooklyn.

Selling his share of the Nets is a necessary prelude for Jay-Z to obtain his National Basketball Players Association certification as an agent.

The process is expected to be completed in time for Roc Nation to compete for players entering the June NBA Draft, but there’s no guarantee of the timing, sources said. Those within Roc Nation and the CAA alliance aren’t “chasing a clock on this,” one source said. “This isn’t about one draft, but taking the long view of the business.”

As part of Jay-Z’s arrangement with CAA, the Hip Hop mogul will let the agency’s basketball agents handle contract negotiations and day to day business with the NBA players, while Hov will use his name and connections to get the players to sign with CAA through his Roc Nation Sports agency.