Jay Z continually pushes to expand his business reach. Not satisfied with only being a rapper/entertainer he bought a minority share with the then New Jersey Nets. After helping the team move to Brooklyn, and being an integral part of the franchise’s re-branding, he was ready to move onto his next venture, sports management.
Recently, he sold his share of the Nets and Barclays Center to officially became a sports agent and represent NBA players. Speaking to Vanity Fair as part of their cover story, Jigga says that his past of being in the drug game will help him advise players on what to do with their money. The Roc Nation Sports owner, says that managing huge sums of money as a drug dealer has parallels to managing money as a superstar athlete.
Jay’s checkered past taught him a few things that he says will come in handy in his new role as a sports agent: “I know about budgets. I was a drug dealer,” he tells Robinson. “To be in a drug deal, you need to know what you can spend, what you need to re-up. Or if you want to start some sort of barbershop or car wash—those were the businesses back then. Things you can get in easily to get out of (that) life. At some point, you have to have an exit strategy, because your window is very small; you’re going to get locked up or you’re going to die.”
People may sensationalize what Mr. Carter is saying in the above quote, but the main phrase is “have an exit strategy.” The Brooklyn native has said in interviews that his goal as an agent is not simply to collect a percentage off players, but to advise them in life, and help prevent them from going broke. Jay wants athletes to use their money to better themselves, and their community.