After Michael Jordan sold his controlling ownership in the Charlotte Hornets, J. Cole is now formally a part-owner of the franchise.
The Fayetteville rapper, along with country musician Eric Church, is a member of The Buyer Group, which is run by Gabe Plotkin and Rick Schnall, the Hornets said on Friday (June 16).
After the Chicago Bulls legend purchased the team in 2010 for $275 million, The Buyer Group reportedly paid MJ $3 billion to sell the franchise.
According to ESPN, the agreement will be consummated in the coming days subject to NBA Board of Governors approval. Jordan will continue to have a small ownership share in the organization and remain a prominent figure around the Hornets.
Jordan’s Hornets suffered during his 13 seasons in charge as the NBA’s first Black owner, compiling the fifth-worst losing % during that time and never placing higher than sixth in the Eastern Conference.
Before joining together to run The Buyer Group, Schnall and Plotkin were each minority owners of the Atlanta Hawks and the Charlotte Hornets, respectively.
Cole, a native of North Carolina, has always supported his home team by sitting courtside at Hornets games. It shouldn’t be a huge surprise that J. Cole is involved given his love of basketball and his role as an advocate for the sport.
He has recently donned a uniform for professional leagues in Canada and Africa. The 38-year-old created history by becoming the first rapper to appear on the cover of NBA 2K. He is also credited with assisting Caleb Martin in joining the Miami Heat, who was crucial to the team’s journey to the NBA Finals.
The Hornets are coming off a dismal 27-55 season as the new ownership group and J. Cole work to turn around the club, infuse it with real excitement and energy, and change the way people perceive it.
Although Charlotte presently has the No. 2 pick in next week’s NBA Draft, Marc Stein reports that the organization is reportedly in talks about a potential trade of the pick for Zion Williamson of the New Orleans Pelicans, who has recently been involved in controversy.