We both Phil's Knight

from Jay Z – Venus vs. Mars Lyrics on Rap Genius

Meaning

Phil Knight is one of the founders of Nike, which owns the Jordan brand. Phil’s Knight is of course, Jordan

“Phil” could also refer to Phil Jackson, Michael Jordan’s head coach when the Bulls won 6 NBA titles during the 1990s

Also, Beyonce & Jay-Z both “fill nights” (pack concerts/keep a busy schedule)

And, Jay’s pronunciation can be heard as “feels nice,” easily making for a quadruple entendre.

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