Billionaire hip-hop recording artist Jay-Z has eyes on a professional football team and is ready to bid substantially on it.
According to Daily Express U.S., the Brooklyn businessman is interested in purchasing a team in the English Premier League. The team, Tottenham Hotspur, may need a new owner soon as the current one faces significant jail time after being accused of insider trading and securities fraud in the United States. The team plays its games in London.
Tottenham Hotspur’s owner, British billionaire Joe Lewis received bail last week from a Manhattan Federal Court judge after the 86-year-old pled guilty to charges of giving insider trading tips. He faces 16 counts of securities fraud and three counts of conspiracy.
The charges each carry a maximum sentence of five to 25 years in jail. Damian Williams, the U.S. Attorney for the Southern District of New York, told the court: “He used inside information to compensate his employees or shower gifts on his friends and lovers. That’s classic corporate corruption.”
Hip-hop’s King of New York, the 53-year-old business mogul with a net worth of more than $2.5 billion, leads a group of American investors waiting to see what happens to Lewis and if an opportunity will arise from his situation.
Thirteen years ago, Jay-Z reportedly was interested in buying the Spurs’ bitter North London rivals, Arsenal. He revealed then that he had become a massive fan of the team and that Thierry Henry, who played for the team, was his favorite player. Although he was interested, the sale didn’t happen. At the time, Jay-Z remarked, “I don’t know a lot about the business of soccer, but in the future, if the right opportunity presented itself, then who knows?”
If things don’t go well for the federally charged Lewis, that time could be forthcoming for the “Streets Is Watching” lyricist. The Tottenham Hotspur team has an estimated market value of about $2.8 billion. That amount can be matched by the fortune of Jay-Z and his fellow investors.