The all-around entrepreneur, recording star and many others, Jay-Z has a new venture: The Jay-Z Sports Agency.

Shawn “Jay-Z” Carter became a sports agent Tuesday and he kicked-off his latest venture with a premiere client – New York Yankees’ star Robinson Cano.

Roc Nation, the entertainment company Jay-Z created in 2008, is launching Roc Nation Sports, a sports management company that will partner with another leading agency, CreativeArtists, to represent and work with the famed baseball player.

Cano is due to become a free agent by the end of the current baseball season. It will allow him to sign with any team and he is expected to become the most sought after member of this year’s free agent class. His likely nine-figure contract will not only be a huge payday for Cano, but also for his new agency. Cano used to be signed with agent Scott Boras.

Roc Nation has focused around the music industry since it was founded. The company manages artists, songwriters, producers and even engineers. It’s also in the business of music publishing, touring and merchandising, and owns the music label, Roc-A-Fella Records. Jay-Z business acumen and innovative streak has been well recognized and he was named one of Fortune’s 50 “Businesspersons of the Year” in 2012. In 2007, he sold his clothing line, Rocawear to Iconix, for $204 million.

Aside from being a newly minted sports agent, Jay-Z is also an owner (with a minority stake) of the NBA’s Brooklyn Nets, which transferred from New Jersey to the new Barclays Center arena in his native borough this season.

In a statement, Jay-Z explained his moved to the sports agency business as a natural progression of his company due to his love for sports.

"Because of my love of sports, it was a natural progression to form a company where we can help top athletes ... the same way we have been helping artists in the music industry for years," Jay-Z said.

Cano’s former agent, Scott Boras, known as one of the toughest agents in sports, makes this move of his former client a setback. A woman in Boras’ office who spoke to CNN Money said that he has not yet made a statement on Cano’s move.

Jay-Z’s partner, CAA, has a large sports management business of its own, and works with some of the world’s top athletes.