J. Cole Officially A Hornets Owner After NBA Approves Sale
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J. Cole has become a minority owner of the Charlotte Hornets after the NBA approved Michael Jordan’s sale. According to ESPN, the group led by millionaire Gabe Plotkin and Rick Schnall will acquire the team in a 29-1 vote, with only the owner of the New York Knicks, James Dolan, voting against the transaction.
The Hornets were sold for approximately $3 billion, with the sale looking to be completed in the “next one to two weeks.” To celebrate the occasion, Cole’s right hand man and best friend, Ibrahim H., took to Twitter to give props to his business partner. “Official. Congrats to my dawg @JColeNC,” he tweeted on Sunday (July 23).
With the NBA finalizing the deal, Michael Jordan’s run as the franchise owner will now end. However, he will stay on as a minority owner, along with Country singer Eric Church, Chris Shumway, Dan Sundheim, Ian Loring, and Dyal HomeCourt Partners. Several local Charlotte investors, including Amy Levine Dawson and Damian Mills, are also joining the acquisition.
Official. Congrats to my dawg @JColeNC. https://t.co/QbAQgwqHPE
— Ibrahim H. (@KingOfQueenz) July 23, 2023
It was first reported in June 2023 that Cole was set to become a part-owner of the Charlotte team. After MJ announced that he was gearing up to sell his majority stake in the NBA team, Jermaine, as a North Carolina native, inked a contract to get involved.
“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.”
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