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J. Cole Becomes Charlotte Hornets Minority Owner in $3 Billion Sale

Grammy-winning rapper J. Cole joins the Charlotte Hornets as a minority owner following Michael Jordan's sale approval. We discuss it here!

 
247 Live Culture

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.

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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Music News 7 Adonis Armstrong Music News 7 Adonis Armstrong

J. Cole Joins New Ownership Group of the Charlotte Hornets

J. Cole joins Charlotte Hornets ownership, highlighting his passion for basketball and expanding his influence beyond music. We discuss it here!

 
247 Live Culture

Las Vegas, NV/USA - 9/24/16: Jermaine Lamarr Cole known as J. Cole performs at Life Is Beautiful Festival in Las Vegas. Cole has been nominated for several Grammy Awards.

By: Adonis Armstrong

An agreement has been reached by Michael Jordan to sell the majority stake he holds in the NBA team, Charlotte Hornets.

This significant development could potentially usher in the dawn of a new era in Charlotte, as the Hornets have endured a longstanding reputation as one of the NBA's least successful teams. Since Jordan took on majority ownership in 2010, the team has only achieved three winning seasons and made two playoff appearances. Under the guidance of head coach Steve Clifford, the team recorded a disappointing 27-55 record last season, while the 2022-23 campaign marked Clifford's return for his second tenure with the Hornets

Today June 16th, Hornets Sports & Entertainment announced that Michael Jordan is in the process of selling his stake in the Charlotte Hornets to "The Buyer Group," led by Gabe Plotkin and Rick Schnall, who have previously been involved in minority team ownership. Notably, Plotkin also holds a significant stake in the Atlanta Hawks, which he is currently in the process of selling.

Within “The Buying Group,” a notable addition is J. Cole, the decorated emcee, who will join as a part-owner of the Hornets. The 38-year-old rapper, hailing from Fayetteville, North Carolina, has deep roots in the state, hosting his annual Dreamville Festival there. While universally known for his music, J. Cole has consistently showcased his passion for basketball throughout the years, highlighting his admiration for the sport.

A decade ago, during an interview with Sports Illustrated, he expressed, “I was always in love with basketball as a kid, but I thought I was way better than I really was.” In the year 2021, Cole inked a contract with the Rwanda Patriots of the African Basketball League, committing to play in a series of three to six games.

The Fayettenam vet, Hollywood Cole, is a passionate Hornets fan who has been actively featured on the team's digital platforms in recent years, solidifying his connection to the organization. His involvement in assisting Caleb Martin's signing with the Miami Heat in 2021 has further propelled him into the spotlight. I believe he has a great future within the organization and the potential to turn the Hornets around.

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