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TORONTO – As soon as Mikhail Prokhorov reached agreement on the $700 million purchase price for the New Jersey Nets, sources say his emissaries were relentless in securing something they believed to be of the highest importance for the Russian billionaire: a sit-down with Jay-Z.

It is rare that an owner with such a small controlling interest in a franchise could inspire such dogged pursuit, but Jay-Z is no silent partner with the Nets. Immediately, insiders understood Prokhorov’s plans to woo Jay-Z pushed far beyond the music mogul’s global celebrity and Brooklyn roots. This was part of the Russian’s ambition to become...