Jay-Z Steals Second Base, Snags Yankees Star Robinson Cano

Getty Images

Robinson Cano #24 of the Dominican Republic celerbates after defeating Puerto Rico to win the Championship Round of the 2013 World Baseball Classic

Rap mogul Jay-Z is branching out beyond music into sports management, and in the process has landed one of the highest profile figures in professional baseball.

Roc Nation, the entertainment company created by Jay-Z, announced on Tuesday it was launching a sports management arm and signing New York Yankees second baseman Robinson Cano.

In order to strike the agreement, the Dominican-born All Star released super agent Scott Boras, who, at one time, represented Cano's fellow Yankee, Alex Rodriguez.

The move represents a major coup for Jay-Z, whose real name is Shawn Carter. He embarks on a new sports management venture with one of the biggest names in Major League Baseball, while enhancing his musical footprint. Jay-Z, who enjoys personal relationships with numerous professional athletes, paired with management firm Creative Artists Agency to launch Roc Nation Sports.

(Read more: Watch Out Yankees and Red Sox, It's a New Era in Baseball)

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

The deal also puts Cano under new management a year before he moves into free agency, where his services are expected to be hotly coveted.

"At this point in my career, I am ready to take a more active role in my endeavors both on and off the field," Cano said. "I am confident that the pairing of Roc Nation Sports and CAA Sports will be essential in helping me accomplish my short- and long-term goals."

Boras, who represents many marquee athletes, was famously fired by Rodriguez in 2010 after years of being represented by him. The split came in the wake of the agent badly mishandling an incident in 2007, when the third baseman blindsided the sports world during the World Series by opting out of his multi-million contract with the Yankees.

(Read more: Yankees' A-Rod Makes More Than an Entire Team)

Published reports say that for his part, Cano had also grown disenchanted with Boras.