Jay-Z's Team Nets $400M from Ex-Slave-Trade Co.

[GOLDIE]

Jay-Z's Team Nets $400M from Ex-Slave-Trade Co.

Jay ZWill Jay-Z boycott his own team -- the New Jersey Nets -- for taking $400 million from a bank that some say was built on profits from the slave trade?

The Jiggaman was all smiles recently when the team announced that its new arena in Brooklyn, Jay-Z's hometown, would be called the Barclays Center, after UK-based Barclays Bank, which is paying $400 million over 20 years for naming rights. But just after the January 18 announcement, local politicians and journalists quickly rang the alarm on the deal, criticizing the team and its majority owner, Bruce Ratner, for taking money from a bank whose founding family profited from its ownership of slaves in the 18th century and was involved in controversial dealings with the South African government in the 1980s.

Since then, Jay-Z (real name: Shawn Carter), who owns less than one percent of the team, has declined to comment. His his rep told TMZ that there would be no statement given or action taken by Carter. The rapper has a history of boycotting: Last year, he stopped drinking and serving Cristal champagne after an executive with Cristal's producer made disparaging remarks about rappers and their affinity for the bubbly.

Barclays, for its part, says its slave-trade past should be understood in the context of history, and says that it will spend $2.5 million on enhancing basketball courts all over the borough of Brooklyn.

http://www.tmz.com/2007/01/30/jay-zs-team-nets-400m-from-ex-slave-trade-co/

 

[Rebel-INS]

He probably won't say anything cash rules all.

 

[doggish_098]

Jay-Z's Team Nets $400M from Ex-Slave-Trade Co.

Jay ZWill Jay-Z boycott his own team -- the New Jersey Nets -- for taking $400 million from a bank that some say was built on profits from the slave trade?

The Jiggaman was all smiles recently when the team announced that its new arena in Brooklyn, Jay-Z's hometown, would be called the Barclays Center, after UK-based Barclays Bank, which is paying $400 million over 20 years for naming rights. But just after the January 18 announcement, local politicians and journalists quickly rang the alarm on the deal, criticizing the team and its majority owner, Bruce Ratner, for taking money from a bank whose founding family profited from its ownership of slaves in the 18th century and was involved in controversial dealings with the South African government in the 1980s.

Since then, Jay-Z (real name: Shawn Carter), who owns less than one percent of the team, has declined to comment. His his rep told TMZ that there would be no statement given or action taken by Carter. The rapper has a history of boycotting: Last year, he stopped drinking and serving Cristal champagne after an executive with Cristal's producer made disparaging remarks about rappers and their affinity for the bubbly.

Barclays, for its part, says its slave-trade past should be understood in the context of history, and says that it will spend $2.5 million on enhancing basketball courts all over the borough of Brooklyn.

http://www.tmz.com/2007/01/30/jay-zs-team-nets-400m-from-ex-slave-trade-co/

dont think jay has much of a say since he is minority owner. The Katz family still owns the nets. Its whats they call old money.

 

[Hoodsavior]

this nation was built on the backs of slaves....so whats new?

 

[bro-man]

this nation was built on the backs of slaves....so whats new?

Thank You...maybe I'm missing something....but isn't most old money the result of Slave Trade profits.

 

[Dert Bagg]

Right...how can you own $1 US that ain't tainted by slave economics?

 

[Kurtgowdy]

You would be surprised how many companies here in the U.S. have benefited from slavery. If you were to decide to boycott all of them at once. You might as well starve yourself to death.

 

[XXXplosive]

You would be surprised how many companies here in the U.S. have benefited from slavery. If you were to decide to boycott all of them at once. You might as well starve yourself to death.

Exactly.

 

[Duende]

LOL @ me thinking I was having a unique thought.

Co-sign 2 to the above posters.

 

[Legacyns]

I think we all agree that you can't really get around "old money" in this country ( not to mention a few others ). Even tho J is a minority owner, should he say something or keep pushing with hopes of one day becoming a majority owner which helps to transfer wealth?

 

[FJP]

LOL@ "Jay-Z's team" when he owns less than 1 percent

 

[dannyroman]

You would be surprised how many companies here in the U.S. have benefited from slavery. If you were to decide to boycott all of them at once. You might as well starve yourself to death.

FUCK IT I'LL STARVE START NAMING THEM

 

[Stink Money]

i'd rather have him own 1% of a legitimate business than say investing that same amount of money in illegal activities. 1% of what is a 300-400 million dollar franchise at least once the move to Brooklyn happens (Its at around 275 million right now) is stilil a what three or four million dollar investment. He's definitely going to be involved with the marketing aspects and his name value could help bring in more fans and what not to the team. For both Jay-Z and the majority owners its a good move. For Jigga, he can flip his name recognition, etc, to popularize the team and as the franchise value goes up, that 1% becomes more valuable.

 

[SPECTRE1]

Slave reparation issue needs to die, the courts have rejected these cases because the act occurred a long time ago. What Jay-Z should be boycotting is companies that are not hiring and promoting us or doing business with black companies. Spending 2.5 millions to fix up our courts will not provide long-term jobs or grow black businesses.

 

[Thick Johnson]

LOL @ the consolation prize for niggas.

More basketball courts in the city

They be playing niggs


shooting niggas 41+ times sayin its cool

stickin night sticks in niggas assholes unlubed

Now this

"Here ******...shut the fuck up and play ball.....boy"

 

[Thick Johnson]

i'd rather have him own 1% of a legitimate business than say investing that same amount of money in illegal activities. 1% of what is a 300-400 million dollar franchise at least once the move to Brooklyn happens (Its at around 275 million right now) is stilil a what three or four million dollar investment. He's definitely going to be involved with the marketing aspects and his name value could help bring in more fans and what not to the team. For both Jay-Z and the majority owners its a good move. For Jigga, he can flip his name recognition, etc, to popularize the team and as the franchise value goes up, that 1% becomes more valuable.

Jay Z is owned by Jews

Def Jam is owned by Jews