Rap mogul Jay Z has 99 problems and losing a major business partnership with a mega agency is one of them.
According to a report in the New York Post's business section, Jay Z's fledgeling Roc Nation sports agency is parting ways with sports giant CAA as their 2-year deal ends.
The reason for the split is unclear. But the NY Post theorizes that CAA was concerned about losing a lot of money and sports contracts to the upstart Roc Nation Sports.
Jay Z has parlayed his significant influence as Beyonce's husband to sign sports powerhouses such as Kevin Durant, CC Sabathia and Robinson Cano (pictured above left) to lucrative contracts. This despite the fact that Jay Z does not have an iota of experience as a sports agent.
From NY Post Business:
Under the partnership, Roc Nation Sports — a division of Roc Nation — took the lead in getting marketing and sponsorship deals, while TPG-owned CAA handled the athletes’ player contracts.
It’s unclear what led to the split, although sources suggested that Jay Z’s growing sports agency had become too competitive with CAA.
Rumors surfaced late last year that top NFL super-agent Tom Condon was quitting CAA and heading to Jay Z’s shop.
The move hasn’t happened — but signaled, perhaps, a coming of age for Roc Nation Sports.
Condon was named the No. 3 most powerful sports agent in the world in 2014 by Forbes. He has $1.29 billion in contracts under management.
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