Rapper and entertainment mogul Jay-Z, whose given name is Shawn Carter, is selling his share in the NBA's Brooklyn Nets, so that he can become an NBA player agent.

The 43-year old Jay-Z, who has received 17 Grammy awards, and has sold more than 50 million albums worldwide, owns .067% of the Nets, valued at $350,000.

Jay-Z was a key figure in the Nets' move from New Jersey to Brooklyn after last season, as well as their marketing campaign.

NBA rules mandate that Jay-Z, or any other person, cannot own stake in a team and also work as a player representative.

Jay-Z's company, Roc Nation, already has a high-profile client, securing New York Yankees' star second baseman Robinson Cano last week.

Cano is scheduled to become a free agent following the 2013 Major League Baseball season.

The Nets are 44-32 this year, and are currently in second place in the NBA's Atlantic Division.