The fine stems from the hip-hop mogul's presence in the Kentucky locker room after the Wildcats clinched a Final Four berth in late March, a move that is prohibited by the league.
Word of the fine circulated around the league Friday (April 8), but the team whom was fined was not revealed.
ESPN.com has since confirmed that it is the Nets, because Jay violated league rules that prohibit contact with players that still have remaining intercollegiate basketball eligibility.
The NBA began investigating the situation after a video surfaced in late March, in which Jay-Z is shown visiting various Kentucky players in their locker room at the Prudential Center in New Jersey, after the Wildcats' quarterfinal victory over North Carolina.
Although, it seemed as though Jay was visiting the players as a fan and many believed it to be harmless, Nets officials were expecting a fine, based on previous, similar violations by other NBA executives who were also fined.
In 2007, the Boston Celtics were fined $30,000, because of "excessive contact with the family" after general manager Danny Ainge was spotted sitting next to Kevin Durant's mother at the Big 12 tournament.
Jay-Z has not commented on the incident.
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