Rapper J. Cole has entered the NBA arena as a stakeholder in the Charlotte Hornets, following basketball icon Michael Jordan’s decision to sell his majority ownership. On Friday (June 16), the Hornets officially announced Jordan’s agreement with an ownership group headed by Gabe Plotkin and Rick Schnall. Among the investors, J. Cole secured a minority stake in the team, joining forces with Plotkin, who became a minority owner in 2019, and Schnall, who is currently in the process of divesting his ownership in the Atlanta Hawks.
While Jordan steps down as the majority owner, he will retain a minority stake in the Hornets, making him the first former NBA player to hold such a position in the league. The celebrated six-time NBA champion acquired the Charlotte franchise, then known as the Bobcats, from BET founder Bob Johnson in 2010. Initially purchasing a minority share in 2006, Jordan later invested approximately $180 million to become the majority controller of the team.
J. Cole’s presence as an investor in the Hornets’ ownership group is accompanied by country singer Eric Church as the other notable figures. The group also includes Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, Amy Levine Dawson, and Damian Mills as additional investors.
