Found September 29, 2012 on tonyblogs.net:
New-jersey-nets-memphis
The fine folks at WWTDD put Jay-Z's "ownership" of the Nets into better perspective than I could have, but the sentiment is the same:
That, and this Wall Street Journal article with the headline, “Jay-Z: Bringing Nets to Brooklyn an American dream”, and his buddy Kanye writing lyrics about Kris Humphries that say, “Lucky I ain’t had Jay drop him from the team”, pretty much imply that Jay Z runs the Nets.

In reality he only owns one-fifteenth of one percent (that’s 0.00066666666 percent) of the team. Russian billionaire Mikhail Prokhorov owns 80 percent (and half of Barclays Center). And he didn’t bring them to Brooklyn either. That was already the idea before Jay was ever approached about being an investor. Basically this is like Jay Z bought a plane ticket on Delta and then took credit when it landed.
While we can't understate the impact Jay-Z has had on the image of the Nets to players, fans and the media, let's not overstate his involvement in bringing them to Brooklyn or his day-to-day influence on the business decisions of the franchise.
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