J. Cole Becomes Charlotte Hornets Minority Owner in $3 Billion Sale
Las Vegas, NV/USA - 9/24/16: Jermaine Lamarr Cole known as J. Cole performs at Life Is Beautiful Festival in Las Vegas.
Credit: Sterling Munksgard via Shutterstock
By: Adonis Armstrong
J. Cole joins the Charlotte Hornets as a minority owner following the NBA's approval of Michael Jordan's sale. ESPN reports that the group led by millionaire Gabe Plotkin and Rick Schnall secured the team in a 29-1 vote, with the New York Knicks' owner, James Dolan, being the sole dissenter.
In June 2023, initial reports emerged indicating J. Cole's intention to become a part-owner of the Charlotte team. Following Michael Jordan's announcement of selling his majority stake in the NBA team, Cole, being a North Carolina native, signed a contract to join the ownership.
The Charlotte Hornets were sold for around $3 billion, and the sale is expected to be finalized within the next one to two weeks. In celebration, J. Cole's close friend and business partner, Ibrahim H., expressed gratitude for Cole on Twitter. “Official. Congrats to my dawg @JColeNC,” he tweeted on Sunday July 23rd.
Official. Congrats to my dawg @JColeNC. https://t.co/QbAQgwqHPE
— Ibrahim H. (@KingOfQueenz) July 23, 2023
As the NBA finalizes the deal, Michael Jordan's ownership era for the franchise comes to a close. However, he will remain a minority owner alongside country singer Eric Church, Chris Shumway, Dan Sundheim, Ian Loring, and Dyal HomeCourt Partners. The acquisition also includes involvement from several local Charlotte investors, such as Amy Levine Dawson and Damian Mills.
“Hornets Sports & Entertainment announced today that chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall,” the press release read. “As a part of the transaction, Jordan will retain a minority ownership share of the team. The transaction is subject to the approval of the NBA Board of Governors.”
J. Cole could be stepping into an great opportunity with the Hornets. Despite finishing 14th in the Eastern Conference last season, the team boasts an impressive roster of young stars. With LaMelo Ball already on board and the recent addition of Brandon Miller as the 2nd overall pick in the 2023 NBA Draft, the Hornets have the potential to become a formidable force, much like the Sacramento Kings.
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