Jay-Z loses bet to B.E.T Founder

Jay-Z will be shelling out $25 000 after he lost a bet Wednesday night to the NBA's Charlotte Bobcats owner Robert Johnson.

The bet was that if Jay's team the New Jersey Nets were to score 80 points first, Johnson would donate $25 000 to a tri-state school. The victorious Bobcats hit 80 first, so Jay will be paying up.

Five lucky schools will share $25 000, each receiving $5,000 to spend on whatever they want.

For a school to qualify, students had to write a 500 word essay about why they felt their school should receive the money. The essays will be reviewed by Jay-Z and Robert Johnson who would pick the winning schools based the essays.