In an exciting development, renowned rapper J. Cole is teaming up with a group of investors to acquire the Charlotte Hornets, North Carolina’s beloved NBA team. The current owner, Michael Jordan, has agreed to sell the team to this consortium, which includes the talented musician from Carolina.
The buyer’s roster also features notable names like Gabe Plotkin, an existing part-owner of the Hornets, and Rick Schnall, a former minority owner of the Atlanta Hawks, who bring valuable expertise to the group.
J. Cole’s passion for basketball is well-known. He has been involved with the NBA in various capacities, from gracing the cover of NBA 2K23 to influencing the Miami Heat’s decision to sign Caleb Martin. He has even showcased his skills on the court by participating in the BAL, a collaboration between the NBA and FIBA. Owning the Hornets now adds another thrilling reason for the award-winning artist to attend games and engage with the team.
Read the full release on https://t.co/BzkRIrrehy.
— Charlotte Hornets (@hornets) June 16, 2023
Before finalizing the deal, led by Plotkin and Schnall, the ownership group eagerly awaits approval from the NBA Board of Governors. Once approved, these individuals will take on the responsibility of overseeing the Hornets’ operations. Notably, Jordan, widely regarded as one of the greatest basketball players of all time, will continue to be involved as a minority owner.
Under Jordan’s leadership since 2010, the Hornets have experienced limited success, reaching the playoffs only twice. With this new ownership group, the franchise hopes for a fresh start and a promising era of triumph.
The agreed-upon deal values the Charlotte Hornets at an estimated $3 billion, signifying a significant milestone for J. Cole and his connection to the Tar Heel State. Their involvement represents a fusion of sports and music, a trend that has gained momentum in recent years.
With their distinct backgrounds and evident love for North Carolina, these new owners could be the much-needed breath of fresh air that propels the franchise to new heights. Stay tuned for an exciting journey ahead!
Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN. pic.twitter.com/zDuhsg8mDE
— Adrian Wojnarowski (@wojespn) June 16, 2023