J. Cole Becomes Part-Owner of Charlotte Hornets as Michael Jordan Sells Majority Stake

HipHopX/Rolling Stone

J. Cole has officially become the new part-owner of the Charlotte Hornets, after Michael Jordan sold his majority stake in the team.

According to statement by the Hornets on Friday (June 16), J. Cole is part of The Buyer Group, which is led by Gabe Plotkin and Rick Schnall. Additionally, country singer Eric Church is also involved in the ownership group.

J. Cole

The Buyer Group reportedly paid MJ $3 billion to sell the franchise after the Chicago Bulls legend purchased the team in 2010 for $275 million.

According to ESPN, Jordan will retain a minority stake in the team and remain as a figure around the Hornets as the deal will be finalized in the days ahead pending NBA Board of Governors’ approval.

Prior to joining together to run The Buyer Group, Schnall had been a minority owner of the Atlanta Hawks, while Plotkin had been a minority owner of the Charlotte Hornets.

Jordan, the first Black owner in the NBA, had a difficult time with his Hornets throughout his 13 seasons. During that time, they had the fifth-worst losing % and never made it past the sixth seed in the Eastern Conference.

Street of Toronto

The Hornets are coming off a poor 27-55 season as the new ownership group and J. Cole work to turn the franchise around and inject a profound enthusiasm and energy into the team while remaking its image.

According to Marc Stein, Charlotte currently holds the No. 2 pick in next week’s NBA Draft but, the team is rumored to be in negotiations on a possible trade of the pick for New Orleans Pelicans star Zion Williamson, who has recently been involved in controversy.