The NBA has passed a new rule mandating that teams have 25 or fewer individual owners and that every owner must hold at least one percent of the team, according to sources.
The league had been considering making this change for several years.
Jay-Z, for example, owned a miniscule 0.15 percent of the Brooklyn Nets before selling to Jason Kidd and another investor in 2013.
The new ownership group of the Milwaukee Bucks has divided the franchise among 37 individuals.
Both Marc Lasry and Wes Edens sold small chunks of the team to friends, family members, and prominent members of the Milwaukee community