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

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.