JAY-Z, NJ NETS FINED $50K FOR VISIT TO KENTUCKY WILDCATS-The Boombox

James Devaney, WireImage

The University of Kentucky celebrated their Elite 8 victory in the recent NCAA tournament with a visit from Jay-Z that will now cost the mogul and his New Jersey Nets a $50,000 fine.

Following the March 27 game at Newark's Prudential Center, Hov paid a visit to the Kentucky Wildcats' locker room where he congratulated players on their victory over the University of North Carolina. He also offered a few motivational words for their upcoming run in the Final Four series, but when photos and videos of the interaction surfaced, the NBAlaunched an investigation into Jay's visit.

Due to his minority stake ownership in the New Jersey Nets, Mr. Carter's contact with amateur players was deemed a violation of rules. Two Wildcats team members -- Terrence Jones and Brandon Knight -- are potential lottery picks in the upcoming NBA draft. Although Jay-Z's visit to the locker room was reportedly not for recruitment purposes, NBA rules prohibit team owners from having unnecessary contact with the players until their official declare themselves for the NBA Draft.

The good news, however, is that a $50,000 fine isn't a substantial hit for Jay-Z, who recently landed at the No. 2 spot on Forbes' list of Hip-Hop's Wealthiest Artists, with a $450 million fortune.

The Brooklyn native owns a small share in the New Jersey Nets, along with Russian Billionaire Mikhail Prokhorov who owns an 80 percent share in the team. In March 2011, Jay-Z and Prokhorov broke ground at Atlantic Yards in Brooklyn, the construction site for the Nets' new home at the Barclay Center, which is scheduled for completion in 2012.