J. Cole is officially now a part-owner of the Charlotte Hornets after Michael Jordan sold his majority stake in the team.
According to a statement released by the Hornets on Friday (June 16), the Fayetteville rapper is part of The Buyer Group led by Gabe Plotkin and Rick Schnall alongside country singer Eric Church.
The Buyer Group reportedly purchased the franchise from MJ for $3billion after the Chicago Bulls icon bought the team in 2010 for $275million.
Jordan will retain a minority stake in the team and remain as a figure around the Hornets as the deal will be finalized in the days ahead pending NBA Board of Governors’ approval, per ESPN.
Read the full release on https://t.co/BzkRIrrehy.
🔗 https://t.co/roYUH9ilgI pic.twitter.com/N17fYc0HBp
— Charlotte Hornets (@hornets) June 16, 2023
In his 13 seasons at the helm as the NBA’s first Black owner, Jordan’s Hornets struggled as they compiled the fifth-worst losing percentage in that span as well as never finishing higher than the sixth seed in the Eastern Conference.
Schnall was previously a minority owner with the Atlanta Hawks while Plotkin was a minority owner within the Hornets organization already before they teamed up to lead The Buyer Group.
Cole, a North Carolina native, has been a courtside mainstay at Hornets games over the years while supporting his home state team. As a lover of hoops and ambassador for the game, J. Cole’s involvement shouldn’t come as too much of a surprise.
In recent years, he’s suited up in professional leagues in Canada and Africa. The 38-year-old made history as the first rapper to grace the cover of NBA 2K and was credited with helping Caleb Martin sign with the Miami Heat, who played an integral role in their NBA Finals run.
The Hornets are coming off a lowly 27-55 season as the new ownership group and J. Cole will look to turn the franchise around and inject a profound enthusiasm and energy into the team while remaking its image.
Charlotte currently holds the No. 2 pick in next week’s NBA Draft but, according to Marc Stein, the team is rumored to be in negotiations on a possible trade of the pick for New Orleans Pelicans star Zion Williamson, who has recently been embroiled in controversy.
