Jay-Z Rumored to be Interested in Buying Stake in The Washington Football Team
There have been rumors spreading throughout twitter today that Jay-Z is in the process of divesting assets in order to potentially purchase stake in the Washington Football Team.
@BurgandyBlog tweeted the following this morning:
Nothing imminent. These things take months and sometimes break down. But I have it on good authority that Jay-Z is actively divesting assets to position himself for purchase of stake in #WFT.
— Burgundy Blog (@BurgundyBlog) May 26, 2021
Last week Washington owner Dan Snyder and team president Jason Wright were interviewed while on a stadium tour in Los Angeles. During the interview Snyder said that a new stadium could be ready to go by 2027, but didn’t mention where the stadium would be.
In March Snyder struck an agreement to purchase the interest of his limited partners, Fred Smith, Robert Rothman, and Dwight Schar who own more than 40 percent of the team. Snyder will control all equity in the franchise once the deal is finalized. Selling a percentage of the team to Jay Z would certainly make the kind of splash that Snyder loves to make.
For ten years (2003-2013) Jay-Z enjoyed his role as a part-owner of the Brooklyn Nets NBA team, having paid a reported $1 million for his share, which declined in value to $350,000 in April 2013, based on Forbes magazine’s valuation of the team. He encouraged the team’s relocation to Brooklyn’s Barclays Center (from New Jersey) in the 2012-2013 season, which is when the team became known as the Brooklyn Nets.
