Jay-Z Meets Arli$$
Jay-Z can now add “sports agent” to his lengthy resume, with the signing of New York Yankees star Robinson Cano to his Roc Nation Sports company, a partnership between the artist/entrepreneur and Creative Artists Agency.
CAA has a large sports agency under its roof, and Jay-Z has a background in sports as a minority owner of the Brooklyn Nets, so the biggest bombshell in the deal may be that he was able to lure Cano, an All-Star second baseman, away from superagent Scott Boras.
“Because of my love of sports, it was a natural progression to form a company where we can help top athletes … the same way we have been helping artists in the music industry for years,” said Jay-Z in a statement quoted by CNN Money.
Roc Nation Sports received a temporary license to represent baseball players, company spokesman Rob Berkowitz said. And the CAA partnership gives it slugging power in negotiations. CAA already represents more than 800 athletes, according to the New York Times.
In addition to giving Jay-Z and the Roc Nation brand a big boost in the global sports world, the move into sports agenting should prove to be quite lucrative.
Sports agents typically make about 5 percent commissions on their signings. A big-name player like Cano, who is expected to command at least $200 million whether he becomes a free agent at the end of this season, could be worth some $10 million to Roc Nation Sports and CAA.